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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMatt Taibbi: You Can Go to Prison for Pot, While Big Banks Get Away With Laundering Drug Cartel Cash
Democracy Now! / By Matt Taibbi, Amy Goodman, Juan Gonzalez
Matt Taibbi: You Can Go to Prison for Pot, While Big Banks Get Away With Laundering Drug Cartel Cash
The banking giant HSBC has escaped indictment for laundering billions of dollars for Mexican drug cartels and groups linked to al-Qaeda.
December 13, 2012 |
The banking giant HSBC has escaped indictment for laundering billions of dollars for Mexican drug cartels and groups linked to al-Qaeda. Despite evidence of wrongdoing, the U.S. Department of Justice has allowed the bank to avoid prosecution and pay a $1.9 billion fine. No top HSBC officials will face charges, either. Were joined by Rolling Stone contributing editor Matt Taibbi, author of "Griftopia: A Story of Bankers, Politicians, and the Most Audacious Power Grab in American History." "You can do real time in jail in America for all kinds of ridiculous offenses," Taibbi says. "Here we have a bank that laundered $800 million of drug money, and they cant find a way to put anybody in jail for that. That sends an incredible message, not just to the financial sector but to everybody. Its an obvious, clear double standard, where one set of people gets to break the rules as much as they want and another set of people cant break any rules at all without going to jail."
Amy Goodman: For more on the latest bank scandals, were joined by Taibbi. Now, how did Forbes put it, Matt? "Whats a bank got to do to get into some real trouble around here?"
MATT TAIBBI: Exactly, exactly. And whats amazing about that is thats Forbessaying that. I mean, universally, the reaction, even inamong the financial press, which is normally very bank-friendly and gives all these guys the benefit of the doubt, the reaction is, is "What do you have to do to get a criminal indictment?" What HSBC has now admitted to is, more or less, the worst behavior that a bank can possibly be guilty of. You know, they violated the Trading with the Enemy Act, the Bank Secrecy Act. And were talking about massive amounts of money. It was $9 billion that they failed to supervise properly. These crimes were so obvious that apparently the cartels in Mexico specifically designed boxes to put cash in so that they would fit through the windows of HSBC teller windows. So, it was so out in the open, these crimes, and theres going to be no criminal prosecution whatsoever, which is incredible. .............(more)
The complete piece is at: http://www.alternet.org/matt-taibbi-you-can-go-prison-pot-while-big-banks-get-away-laundering-drug-cartel-cash
spanone
(135,861 posts)teddy51
(3,491 posts)It all depends on the amount of money one has. This is so fucked up on so many levels.
whatchamacallit
(15,558 posts)Poll_Blind
(23,864 posts)...why these banks are essentially getting a pass is...thought provoking. It's also disgusting.
PB
arcane1
(38,613 posts)It took place not long before I was hired there in 2007. They had to pay a small fine, and were under a year-long "cease and desist" order, during which they had to prove to the government that they now have controls in place to make sure it Never Happened Again. They met the terms of the order, and everything was A-OK from then on.
Imagine if I had been busted for making $300 from a sale of crack, and my only penalty was to pay a $150 fine and spend a year showing the government that I have done a better job of managing my household budget, and no longer need that crack money!
This is a problem that goes back much further than Obama, and involves the very laws themselves.
PS: I love Matt Taibbi
Poll_Blind
(23,864 posts)...shit on the scale, and dealing with the people, which are involved in the story. It's just sickening.
PB
arcane1
(38,613 posts)and so on down the line.
arcane1
(38,613 posts)And not only did they sell out to drug dealers, they sold out cheap. You'll hear bragging this week by the Obama administration that they wrested a record penalty from HSBC, but it's a joke. Some of the penalties involved will literally make you laugh out loud. This is from Breuer's announcement:
As a result of the government's investigation, HSBC has . . . "clawed back" deferred compensation bonuses given to some of its most senior U.S. anti-money laundering and compliance officers, and agreed to partially defer bonus compensation for its most senior officials during the five-year period of the deferred prosecution agreement.
Wow. So the executives who spent a decade laundering billions of dollars will have to partially defer their bonuses during the five-year deferred prosecution agreement? Are you fucking kidding me? That's the punishment?
Read more: http://www.rollingstone.com/politics/blogs/taibblog/outrageous-hsbc-settlement-proves-the-drug-war-is-a-joke-20121213#ixzz2EzK2ruOw
Follow us: @rollingstone on Twitter | RollingStone on Facebook
sabrina 1
(62,325 posts)This is sickening. The whole WOT and WOD is total sham. I'm beginning to think it was all a giant scheme to make massive amounts of money and to control the populations of the world.
Because there is no other explanation for this. It is a joke.
ArcticFox
(1,249 posts)midnight
(26,624 posts)sabrina 1
(62,325 posts)expose the corruption revealed by a Whistle-blower in Iceland, which led to the prosecution and arrest of and imprisonment of THEIR crooked Banksters and politicians who enabled them, is being persecuted also.
The world is upside down.
Our Congress seems to exist to protect corrupt, criminal Bankers. No matter what they do, it doesn't matter, they will be protected by our Government. But those who try to expose them? THEY are the ones being punished. And after seeing what happened to Assange (right after he announced he had info on another crooked bank) and Manning and anyone else who exposes them, is enough to send a message to everyone else, 'keep your mouth shut'.
midnight
(26,624 posts)That's the only good I can see of this nonsense....
DirkGently
(12,151 posts)...until someone pays attention.
Occulus
(20,599 posts)Sorry to put it so baldly. But there it is.
DirkGently
(12,151 posts)KoKo
(84,711 posts)Initech
(100,099 posts)SoapBox
(18,791 posts)& rec
donnasgirl
(656 posts)For stealing peoples retirements(hostess) but yet get a bonus
WillyT
(72,631 posts)MrMickeysMom
(20,453 posts)Any catch the story of that on TYT tonight? The woman at age 27, who had never done any crime gets this.
We get the DOJ's double talk about the implications if HSBC is charged. Meanwhile, their fine, which is about 4 days pay, and we're good here with this...
THEY DIDN'T EVEN take a big fat fine before calling it a day!
mckara
(1,708 posts)and it goes much deeper.
femrap
(13,418 posts)2. And I HATE CORPORATIONS...ESPECIALLY THE BANKSTERS.
Something is gonna give soon....Karma kicks and it kills.
jtuck004
(15,882 posts)russspeakeasy
(6,539 posts)paying attention to it.
triplepoint
(431 posts)Money talks...and truly appears to make the World go around.....In for a penny, in for a pound! Laundering USD$15B in "bulk cash transfers," netting USD$50B+ in the first half of this year, and ONLY paying a USD$1.9B fine, and nobody goes to prison. Not bad...Sure looks like crime pays to me...IN BIG BUCKAZOID RETURNS! Take the money and R-U-N there HSBC!
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Our politicians are little more than money launderers in the trafficking of power and policy -- fewer than six degrees of separation from the spirit and tactics of Tony Soprano.
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This looks and sounds like BCCI or the Nugan Hand Bank...It's déjà vu all over again.
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Nugan Hand Bank
https://en.wikipedia.org/wiki/Nugan_Hand_Bank
BCCI
https://en.wikipedia.org/wiki/Bank_of_Credit_and_Commerce_International
Whovian
(2,866 posts)mountain grammy
(26,644 posts)Someday, the world will change for the better because of him.
WCGreen
(45,558 posts)DaniDubois
(154 posts)The Huffington Post | By Alexander Eichler
A federal probe into Los Zetas, a Mexican drug cartel, claims that the group has been laundering money through accounts at BofA, according to a recent report in The Wall Street Journal.
An FBI affidavit filed in Texas last month says that the Mexican drug cartel has been reportedly funneling cash through a Texas-based racehorse business with BofA accounts. The U.S. government has described Los Zetas in the past as "the most technologically advanced, sophisticated and dangerous cartel operating in Mexico." Tremor Enterprises LLC, the horse business, was for its part allegedly run by Jose Trevino Morales, a U.S. citizen with two brothers in Los Zetas.
http://www.huffingtonpost.com/2012/07/09/los-zetas-laundered-money-bank-america_n_1658943.html
liberal_at_heart
(12,081 posts)[center]
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marmar
(77,088 posts)nt
Zax2me
(2,515 posts)Google avoided paying $2 billion in taxes last year by moving money to Bermuda
http://www.androidauthority.com/google-bermuda-taxes-138160
Odin2005
(53,521 posts)blackspade
(10,056 posts)socialist_n_TN
(11,481 posts)Until we get rid of the system, this is what we will have.
Fire Walk With Me
(38,893 posts)Warren DeMontague
(80,708 posts)Yay!