The HSBC Settlement Is A Travesty Of Justice

Just when you thought the rule of law in the United States couldn’t be trashed any more than it has been, along comes the HSBC Settlement.  The government is going to force HSBC, one of the world’s largest banks to pay a monetary penalty amounting to about 5 weeks of profit for laundering $billions for drug cartels and other shady characters who jeopardize U.S. national security.  Under the terms of the settlement, neither HSBC nor any of its executives will face criminal charges for this activity.  Today’s trifecta comes in the form of three fabulous articles outlining just how cravenly corrupt the U.S. justice system has now become.  Here’s a tidbit from the first (and arguably the best) by Taibbi…

“The banks’ laundering transactions were so brazen that the NSA probably could have spotted them from space. Breuer admitted that drug dealers would sometimes come to HSBC’s Mexican branches and “deposit hundreds of thousands of dollars in cash, in a single day, into a single account, using boxes designed to fit the precise dimensions of the teller windows.”

This bears repeating: in order to more efficiently move as much illegal money as possible into the “legitimate” banking institution HSBC, drug dealers specifically designed boxes to fit through the bank’s teller windows. Tony Montana’s henchmen marching dufflebags of cash into the fictional “American City Bank” in Miami was actually more subtle than what the cartels were doing when they washed their cash through one of Britain’s most storied financial institutions.”

Matt Taibbi – Outrageous HSBC Settlement Proves the Drug War is a Joke

Bill Black – Why Did Obama and Cameron Save a Criminal Enterprise Like HSBC?

Neil Barofsky: Too Big to Jail – Our Banking System’s Latest Disgrace

aaronlaymanThe HSBC Settlement Is A Travesty Of Justice

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