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.