HSBC Hit with Fine for Helping Drug Cartels and Dictators; Executives Too Big to JailSubmitted by go213mph on Thu, 12/13/2012 - 10:50
Too Big Too Fail AND Too Big Too Jail...an incredibly powerful situation to be in that virtually demands corruption!
Prosecutors in the United States decided on a lesser penalty for British-based HSBC bank for helping drug cartels and sanctioned foreign governments to illegally move billions of dollars.
HSBC agreed to pay $1.92 billion to settle charges that it transferred billions of dollars for nations like Iran and enabled Mexican drug cartels to shift money illegally through its American subsidiaries.
Prosecutors could have indicted the bank on criminal charges, but decided not to out of fear that such action could have crippled HSBC and destabilized the international financial system.
One of the world’s largest banks, HSBC has $2.5 trillion in assets. It made almost $22 billion in profits last year.