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. http://online.wsj.com/article/SB10001424127887324478304578171650887467568.html 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.
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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.
This was a new low when I read about the US Dept. of Justice settlement with HSBC at the end of last year. HSBC blatantly ignored international banking laws and laundered money used to finance drug lords and terrorists. And, no one is held responsible for fear of disrupting the banking system. Taibbi does a good, entertaining job of telling the story. HSBC the Gangster Bankers - Matt Taibbi There must have been many, many people at the bank complicit in the money laundering. How can they live with themselves knowing that they aided such violent criminals. Maybe the bonus money bought them enough liquor, luxury cars, and vacations to suppress their memories. And to the US DoJ, its about time that you consider the disruption to the banking system if you do not prosecute and punish these types of actions. For how many people was this the last straw of evidence of a corrupt financial system. The last straw that shattered their confidence and inspired them to act, if only to remove their precious savings from the financial-political pyramid scheme.
