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Thread: Gangster Bankers: Too Big to Jail

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  1. -1
    rob19's Avatar
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    Gangster Bankers: Too Big to Jail

    The deal was announced quietly, just before the holidays, almost like the government was hoping people were too busy hanging stockings by the fireplace to notice. Flooring politicians, lawyers and investigators all over the world, the U.S. Justice Department granted a total walk to executives of the British-based bank HSBC for the largest drug-and-terrorism money-laundering case ever. Yes, they issued a fine – $1.9 billion, or about five weeks' profit – but they didn't extract so much as one dollar or one day in jail from any individual, despite a decade of stupefying abuses.

    People may have outrage fatigue about Wall Street, and more stories about billionaire greedheads getting away with more stealing often cease to amaze. But the HSBC case went miles beyond the usual paper-pushing, keypad-punching­ sort-of crime, committed by geeks in ties, normally associated­ with Wall Street. In this case, the bank literally got away with murder – well, aiding and abetting it, anyway.

    Daily Beast: HSBC Report Should Result in Prosecutions, Not Just Fines, Say Critics

    For at least half a decade, the storied British colonial banking power helped to wash hundreds of millions of dollars for drug mobs, including Mexico's Sinaloa drug cartel, suspected in tens of thousands of murders just in the past 10 years – people so totally evil, jokes former New York Attorney General Eliot Spitzer, that "they make the guys on Wall Street look good." The bank also moved money for organizations linked to Al Qaeda and Hezbollah, and for Russian gangsters; helped countries like Iran, the Sudan and North Korea evade sanctions; and, in between helping murderers and terrorists and rogue states, aided countless common tax cheats in hiding their cash.

    "They violated every goddamn law in the book," says Jack Blum, an attorney and former Senate investigator who headed a major bribery investigation against Lockheed in the 1970s that led to the passage of the Foreign Corrupt Practices Act. "They took every imaginable form of illegal and illicit business."

    That nobody from the bank went to jail or paid a dollar in individual fines is nothing new in this era of financial crisis. What is different about this settlement is that the Justice Department, for the first time, admitted why it decided to go soft on this particular kind of criminal. It was worried that anything more than a wrist slap for HSBC might undermine the world economy. "Had the U.S. authorities decided to press criminal charges," said Assistant Attorney General Lanny Breuer at a press conference to announce the settlement, "HSBC would almost certainly have lost its banking license in the U.S., the future of the institution would have been under threat and the entire banking system would have been destabilized."

    http://www.rollingstone.com/politics...-jail-20130214
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    NY8123's Avatar
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    MoFinz's Avatar
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    The laws don't apply to everyone.....sad but true. But who elects, and keeps electing the *******s that keep letting these white collar criminals slide by?


    Fat, drunk and stupid is no way to go through life
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    Spesh's Avatar
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    Good story, thanks for sharing it. What i got from it was, bottom line: you can commit crimes so long as you commited a bigger crime in the past. Disgusting situation and the author is right, this is a problem that isnt going to go away and, by kicking the can down the road, its going to be harder to fix for the next generation.

    Elizabeth Warren questioned regulators in her first Banking Committee hearing. Whatever you think of her, its hilarious watching them squirm under her questions. You'd think she was asking them to do nuclear physics off the top of their heads.

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    Valandui's Avatar
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    Quote Originally Posted by Spesh View Post
    Good story, thanks for sharing it. What i got from it was, bottom line: you can commit crimes so long as you commited a bigger crime in the past. Disgusting situation and the author is right, this is a problem that isnt going to go away and, by kicking the can down the road, its going to be harder to fix for the next generation.

    Elizabeth Warren questioned regulators in her first Banking Committee hearing. Whatever you think of her, its hilarious watching them squirm under her questions. You'd think she was asking them to do nuclear physics off the top of their heads.

    Which is why they have to love Ron Paul being retired.

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    Locke's Avatar
    They looked like strong hands.

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    Elizabeth Warren is what every politician should aspire to be. I know Fox News takes aim at her, which means the FoxNewsBots bash her for reasons they don't even know, but she seems to be trying to do things to improve our government in realistic ways. She rocks the boat too much to ever run for President, but she'd have my vote from day 1 if she did...

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    MoFinz's Avatar
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    I do admire her for asking the tough questions.....heres hoping she keeps that dogged determination and this doesnt just go under the rug like every other embarrassment
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    GoFins!'s Avatar
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    This is frustrating.

    It's frustrating anytime a business is fined. Businesses don't commit crimes, people do. The people who committed the crimes should be held personally and financially responsible.

    Government has no problem seizing the assets of criminals and drug dealers. Not treating their donors the same way reeks for nepotism. Apparently our problem with the Mexican drug cartels is not their chosen line of work, but the fact that they haven't bought a political party yet.
    “I’m somewhat disappointed that more African Americans don’t think for themselves and just go with whatever they’re supposed to say and think."


    - Dr. Benjamin Carson
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