Monday, March 11, 2013

Senator Warren re: HSBC money laundering and 'to big to jail'

Senator Warren summarizes HSBC's money laundering and 'to big to jail'.  At the end of 2012, HSBC was fined over $1.9B for laundering money for drug cartels and other criminals.
HSBC is the world's third largest bank.  HSBC's profit before tax in 2012 was $20.7B.  The fine for funding murders was equal to about one month of profits.  And no employees were prosecuted.


The blog-o-sphere is full of comments about how Senator Warren is grandstanding.  Grandstanding or not at least she is shining some sun light on our corrupt financial system.  As they say sun light is the best disinfectant.  Let us hope that more of our representatives perceive that reforming the financial system is the best way to serve and get re-elected.

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