HSBC: Too Big to Jail

From The Guardian:

US authorities defended their decision not to prosecute HSBC for accepting the tainted money of rogue states and drug lords on Tuesday, insisting that a $1.9bn fine for a litany of offences was preferable to the “collateral consequences” of taking the bank to court. […]

Had the US authorities decided to press criminal charges, HSBC would almost certainly have lost its banking licence in the US, the future of the institution would have been under threat and the entire banking system would have been destabilised.

HSBC, Britain’s biggest bank, said it was “profoundly sorry” for what it called “past mistakes” that allowed terrorists and narcotics traffickers to move billions around the financial system and circumvent US banking laws. Breuer said Mexican drug traffickers deposited hundreds of thousands of dollars each day in HSBC accounts.

At least they apologized. Soon they won’t even bother.

Meanwhile, the dealer on the corner gets ten years for having a vial of crack.

Today a student asked: “Why are you always sighing all the time?” This is why, kid.

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