Categorized | Crime, National

DOJ and HSBC Bank: Too Big to Jail

 

HSBC: The Preferred Bank Of Drug Cartels & Money Launderers

(VIDEO)

 

Why No Criminal Charges?

 

Skippy Massey
Humboldt Sentinel

 

Humboldt’s drug dealers and pot growers stand to lose everything they have and go to prison under the Department of Justice’s US Attorney Melinda Haag– while the big players like HSBC bank go free.

As bank slogans go, they don’t come worse than this: “HSBC: The preferred financial institution of drug cartels and money launderers.”

HSBC2That’s a quote in a U.S. Department of Justice report about HSBC Holdings, one of the largest banks in the world.  To avoid criminal prosecution, HSBC admitted in December that it laundered more than $800 million for Mexican drug cartels, and covered up much more in illegal transactions for Hamas, Al-Qaeda, Burma, Iran, Sudan, Cuba, and Libya over the course of 10 years.

The British bank will pay $1.9 billion to the US government.  While it’s the largest such fine in history, it’s about 4 weeks of the banking behemoth’s earnings.  It’s barely a slap on the wrist handed out by
the DOJ and Assistant Attorney General Lanny Breuer in a back room
deal.

It’s a case that has everything — everything except an arrest.  Nobody at HSBC will face criminal charges.

That struck some as odd, because in 80 pages of court documents, the bank admits to almost going out of its way to act as a financial clearing house for international pariahs and drug dealers.

hsbc4Notre Dame Professor Jimmy Gurgle, who investigated money-laundering cases for the Treasury Department, said: “We’re not talking about mere negligence. We’re talking about a criminal scheme that was adopted as a policy of HSBC that involved looking the other way in regard to suspicious transactions involving money laundering.”

Investigative journalist Matt Taibbi wrote “even people on Wall Street were blown away by the result,” the lack of prosecution and disposition being the equivalent of a parking ticket handed out
by the Department of Justice:

The decision to not prosecute in this instance belies everything that the government has ever done with regard to drug prosecutions everywhere.

I mean, when you think about the way they behave toward ordinary people who get caught up in drug cases, where they seize all your property and they use absolutely the maximum sentences they can possibly avail themselves of, and in this case they catch a bank that launders billions of dollars for Colombian and Mexican drug cartels for years on end, and they can’t find something to charge these people with?”

“If the law doesn’t apply equally to everybody, then you don’t really have a system of law.  And so you have a built-in defense for everybody in every drug case forever.  I mean, if you get caught with a stem of marijuana, how do you not stand up and say, ‘You’re going to send me to jail for this where a guy who laundered a billion dollars for a bunch of murderers gets nothing?’

hsbc3As far as the Department of Justice is concerned, the scales of justice aren’t a standard to be doled out equally. 

Too big to fail?  Some folks are above the law– and simply too big to jail.

 

4 Responses to “DOJ and HSBC Bank: Too Big to Jail”

  1. groovy says:

    Honestly tell me of one case in the last several years where the book has been thrown at anybody involved with marijuana. Every day in Humboldt it seems that some one is arrested with hundreds of pounds of the stuff yet I don’t know of anyone thats had their property siezed or been sentenced to a long prison term. Even the most sensational local arrests always end up with charges either dismissed or so watered down that the justice system is no longer an effective deterent.

  2. Forest Queen says:

    [Not about marijuana]

    FORECLOSURE FRAUD
    Take Your Home Back

    ROBO-SIGNING OVERVIEW

    Robo-Signing involves persons signing documents and swearing to their accuracy without verifying any of the information. Robo-Signers can be mortgage lending company employees who prepared and signed off on foreclosures without reviewing them, as the law requires. Any apparent sale based on Robo-Signed documents is void. A notary who helps commit real estate fraud is liable. “Robo” actions are just the tip of the iceberg to be seen.
    http://www.google.com/url?sa=D&q=http://www.hofj.org/virtualoffice_files/Robo-Signing-Overview.pdf&usg=AFQjCNE7s2TCM8iOI0f2ft_GqGuYm48Cgg

Trackbacks/Pingbacks

  1. [...] The financial regulators can blame those very same angry Wall Street lobbyists, along with outgoing Treasury Secretary Tim Geithner and Senate Republicans for their embarrassing turn at the hearing– with the event going viral for all to see. [...]

  2. [...] You can read the Sentinel’s previous coverage on HSBC and Senator Elizabeth Warren here and here. [...]


Leave a Reply

HumSentinel on Twitter

RSS Progressive Review

  • The real Michelle Rhee
    Mercedes Schneider […]
  • Mainers among victims of unconstitutional Real ID law
    Portland Press Herald, ME - Mainers may not be able to board a plane using their driver’s licenses starting in 2016 if the state does not start complying with the federal Real ID program.In 2007, Maine became the first state to reject the federal regulations adopted in response to a study on national security after the Sept. 11 terrorist attacks. Federal off […]
  • State income taxes have little effect on migration
    Off the Charts - The New York Times’ Upshot blog has published a fascinating set of graphs of Census Bureau data on interstate migration patterns since 1900, bolstering our argument that state income taxes don’t have a significant impact on people’s decisions about where to live.We plotted the same Census data, which shows which states do the best job of ret […]
  • Driving your kid in your car is more dangerous than letting them go to the playground alone
    Petula Dvorak, Washington Post - Of all the adventures my lucky children had this summer — swimming in two oceans, hanging out on their bearded uncle’s commercial salmon fishing boat, endless Popsicles — the biggest one, they told me, was just 495 feet away in their own D.C. neighborhood.They got to walk to the corner store on Capitol Hill by themselves. Clu […]
  • Recovered history
    […]
  • Pocket paradigms
    One of the best ways to revive democracy in our country is to make sure that every organization, church, school, or club is run according to its principles.- Sam Smith […]
  • Word
    The legitimate object of government is to do for a community of people what they need to have done, but cannot do at all or cannot do so well for themselves, in their separate or individual capacities. - Abraham Lincoln (a Republican by the way) […]
  • Social Security being garnished for student loan debt
    Financial Juneteenth - In 2013, 156,000 Americans had their Social Security checks garnished because of student loans they’d defaulted on – a 300% rise from 47,500 people in 2006.“Social Security means survival. It means food, shelter, medication,” said Joshua Cohen, a Consumer attorney who works with retirees paying back student loans.Many groups and organi […]
  • Waydago, Harpers
    Harper's Magazine, of all places, has become a target of Westboro Baptist Church. Nice work, Harper's […]
  • Microsoft using offshore tax avoidance
    International Business Times - Microsoft Corp. is currently sitting on almost $29.6 billion it would owe in U.S. taxes if it repatriated the $92.9 billion of earnings it is keeping offshore, according to disclosures in the company’s most recent annual filings with the Securities and Exchange Commission. The amount of money that Microsoft is keeping offshore […]
  • NSA helping domestic police spy on you
    Slashdot - The Intercept reported on classified documents revealing that the NSA has built its own "Google-like" search engine to provide over 850 billion collected records directly to law enforcement agencies, including the FBI and the DEA. Reporter Ryan Gallagher explains, "The documents provide the first definitive evidence that the NSA has […]
  • Real economics
    Jobs added since the recovery began pay 23% less than the jobs lost at the height of the Recession […]
  • What Americans think of cops
    Via Richard Brenneman […]
  • What the Emmys awarded
    Murray Dobbin, Counterpunch - House of Cards is not the only series people are binging on. There is another popular series praised for its high production values, writing and its atmospheric tone. The “hero” is Walt, a high school chemistry teacher who starts dabbling in meth production and then gets deeper and deeper into the murderous meth business. He may […]
  • Time to rediscover the United Nations
    Lawrence Wittner, Counterpunch - Sometimes, amid the heated political debate about what should done by the U.S. government in world affairs, a proposal cuts through the TV babble of the supposed experts with a clear, useful suggestion.That proposal came on August 17, when Pope Francis told journalists how he thought the world should cope with the challenge p […]