NY Times: HSBC $2 B Settlement. Too Big to Indict December, 2012.Submitted by Mark Twain on Wed, 12/12/2012 - 17:07
[Note to DailyPaul Readers: Nary a mention of Gold nor Silver.]
HSBC $2 billion settlement, London UK.
NY Times Editorial: ~ It is a dark day for the rule of law. ~ Federal and state authorities have chosen not to indict HSBC, the London-based bank, on charges of vast and prolonged money laundering, for fear that criminal prosecution would topple the bank and, in the process, endanger the financial system [the one w/ no Gold nor Silver]. They also have not charged any top HSBC banker in the case, though it boggles the mind that a bank could launder money as HSBC did without anyone in a position of authority making culpable decisions...
Related: HSBC to Pay $1.92 Billion to Settle Money Laundering Charges, December 11, 2012
Read All Comments (273):
Clearly, the government has bought into the notion that too big to fail is too big to jail. When prosecutors choose not to prosecute to the full extent of the law in a case as egregious as this, the law itself is diminished. The deterrence that comes from the threat of criminal prosecution is weakened, if not lost.
In the HSBC case, prosecutors may want the public to focus on the $1.92 billion settlement, which includes forfeiture of $1.26 billion and other penalties, as well as requirements to improve its internal controls and submit to the oversight of an outside monitor for the next five years. But even large financial settlements are small compared with the size of international major banks. More important, once criminal sanctions are considered off limits, penalties and forfeitures become just another cost of doing business, a risk factor to consider on the road to profits.
There is no doubt that the wrongdoing at HSBC was serious and pervasive...
--------------- Hong Kong Shanghai Sustainable Wars ---------------
For HSBC, being sustainable means managing our [opium & other] business across the world for the long term. That means achieving sustainable profits for our shareholders, building long-lasting relationships with customers, valuing our highly committed employees, respecting environmental limits and investing in communities.
HSBC flagship education programme for disadvantaged children is Future First. ... This programme provides access to education for deprived and excluded children, whether on the streets, orphaned or in care.
--------------- Hong Kong Shanghai Opium Wars ---------------
It should come as no surprise that British banking giant HSBC was caught laundering money for drug cartels and terrorist groups. HSBC... is the kingpin bank of the global drug trade. A bank which, since its founding in 1865, has been devoted to financing drug crops and laundering the proceeds. HSBC is, in fact, one of the key controlling institutions of the global illicit drug cartel we call Dope, Inc. If you think that is an outlandish claim, consider the fact that EIR, through its book Dope, Inc., and in its affilicated War on Drugs magazine, published in the early 1980s by the National Anti-Drug Coalition, have made this charge for over 30 years, and have never been sued or challenged by the bank.
For years, when banks have been caught laundering drug money, they have claimed that they did not know, that they were but victims of sneaky drug dealers and a few corrupt employees. Nothing could be further from the truth. The truth is that a considerable portion of the global banking system is explicitly dedicated to handling the enormous volume of cash produced daily by dope traffickers. This banking apparatus is essential to the functioning of Dope, Inc.—without it, the drug cartels would quickly choke on their own cash.
Contrary to popular opinion, it is not “demand” from the world’s population which creates the mind destroying drug trade. Rather, it is the world financial oligarchy, looking for massive profits and the destruction of the minds of the population it is determined to dominate, which organized the drug trade... Dope, Inc.: Serving as the central bank of this global apparatus, is HSBC.The Bank of Opium: HSBC was founded in Hong Kong in 1865 as the Hong Kong and Shanghai Banking Company by a consortium of British opium, silk, and tea-trading companies which themselves were the spawn of the notorious British East India Company...
The opium trade began in the early 1700s as an official monopoly of the British East India Company, which conquered India, and ran it on behalf of the British Crown and the financiers operating through the City of London. Indian-grown opium became a key component in the trade for tea and silk in China. The East India Company ... ran into problems with the opium end of the trade. The influx of opium caused major problems for China, and led the Emperor to issue an edict in 1729 prohibiting opium consumption. Then, in 1757, the Emperor restricted all foreigners and foreign vessels to a trading area in the port city of Canton. A stronger edict in 1799 prohibited the importation and use of opium under penalty of death.
None of this stopped the British from continuing to flood China with opium... shifting its Chinese opium operations to nominally independent drug runners who bought opium legally from the East India Company in Calcutta, and smuggled it into China.....
... the British launched a propaganda campaign against China, accusing it of violating Britain’s right to “free trade.” Britain sent its fleet to China, to force the Chinese to capitulate to the opium trade. The ... First Opium War, resulted in the Treaty of Nanking in 1842, under which China not only capitulated to the opium trade, but also agreed to pay reparations to the opium runners and gave the British control of the island of Hong Kong. However, the treaty did not specifically legalize opium, so the British launched a second Opium War, which resulted in the 1856 Treaty of Tientsin, which legitimized the opium trade and opened China up to foreigners even more....Gold