Despite Years of Laundering Cocaine Money, US Government Says HSBC Chiefs too Big to Jail

Well, we’ve crossed another threshold folks.

HSBC for years and years has laundered drug money in violation of US law. Yet, because HSBC is so big and employs so many people, the Justice Department has decided that a fine and not jail time for the people who ran the scheme is the most appropriate tack.

That’s right, the guys at HSBC are too big to jail. The DOJ explains that they don’t want to risk HSBC closing up shop in the United States. HSBC employs thousands of people in the USA.  If the bank left that would be bad for the job situation.

This is amazing. Imagine you ran a small local bank and you laundered 1/1000 of the money HSBC did. What do you think would happen to you?

(From CNN Money)

almost as soon as the news broke Tuesday, critics repeated the questions familiar in cases involving big banks: Why wasn’t HSBC indicted, and why aren’t any individuals being held responsible?

The deal “makes a mockery of the criminal justice system,” said Jimmy Gurulé, a law professor at Notre Dame and former assistant attorney general.

Click here for the story.

21 comments
Curtis Owens
Curtis Owens

No one is too big to Jail. Politicians need to see that. Many of them need to be behind bars for treason.

Rennie M Elliott
Rennie M Elliott

Aomeday teh occupiers and anti-capitalists are going to wake up to their messiah Obama being just as much in the bag for big bakers and Wall St as any republican candidate. What are the odds Romney's father and Obama's mother would be working in the same international financial group?

Nick Lucko
Nick Lucko

Nixon and Bennett really pulled a fast one, didn't they? Look at all of the money being made by people and corporations 'fighting the War On Drugs' and you will come to realize that it will never end. Too many special interests and corrupt politicians will make sure of that.

Floyd Woodcock
Floyd Woodcock

The laws only apply to the "little" people.....really big crooks and politicians get a pass.

Larry G. Kilmer
Larry G. Kilmer

Don't jail them, just refuse to let them do business in America.

Ray Lewis
Ray Lewis

We should wipe the slate clean and start over, before the idiot in DC wipes out our bank account!

Rich Reskovac
Rich Reskovac

Breaking the law is breaking the law, politicians or their special connected supporter should not be above it. HSBC should be facing 50% of profit fines, and charges on every member of the board of Directors.......... A fictional entity needs disciplined and that should happen to its brain with punitive (Jailtime) liability. A spanking to the body (stockholders) in the form of a fine severely damaging profits is in order too.

Geo James
Geo James

The bankster cartel and the scumbag piece of shit politicians are the most evil people in the world. Need to be cleansed from the earth.

Dee Nielson
Dee Nielson

yes ..it is a gov't monopoly GAME, we the people are not playing it

James Mclaughlin
James Mclaughlin

"The HSBC of today is a fundamentally different organization from the one that made those mistakes," I am sorry... but a mistake is when you call someone by a wrong name.. this was a long series of calculated decisions..

John Billings
John Billings

What the hell good is jailing them gonna do ? A deterrant eh ? *dripping sarcasm#