Thread: Too Big To Jail

I read this story a few months ago, decided not to post until today.

Britain’s biggest bank, HSBC admitted to laundering 881 million dollars for various drug cartels. Considering the "war on drugs" which imprisons non violent citizens for years at a time, one would think that people who launder nearly a billion dollars in drug money will get stiff penalties. Well that's not the case. No charges and no jail time, "pay a fine" was the result.

Elizabeth Warren HSBC Money Laundering - Business Insider

Wachovia (now Wells Fargo) laundered an estimated 378 billion dollars in drug money. The whistle blower, who worked for the bank was reprimanded when he filed reports of possible money laundering. Again no charges, no jail time, pay a fine.

Banks Financing Mexico Gangs Admitted in Wells Fargo Deal - Bloomberg

The Wachovia Whistleblower | The Nation



So today, I see this: Judge Dismisses Most Claims In Libor Lawsuits, Ruling In Favor Of Big Banks

Banks Win Dismissal of Substantial Portion of Libor Suits - Bloomberg

More than a dozen banks and brokerages are under investigation by regulators worldwide for manipulating benchmark rates such as Libor, which have been the basis for more than $550 trillion in financial products.