Article Image

IPFS News Link • Corruption

Too Big to Jail: Big Banks Can Finance Terrorists and Walk Away Scot-Free

•, By Lynn Stuart Parramore
 The New York Times reports this week that megabank HSBC has escaped criminal prosecution for money laundering that probably funded terrorists and narcotics traffickers. Why? Because regulators and prosecutors were petrified that an indictment would undermine the entire financial system. The Times quotes anonymous government sources who confessed fears about bringing formal charges because doing so would be a "death sentence" for the bank. So they let it off the hook.
That’s right, HSBC is officially above the law. Too-big-to-fail has become too-big-to-prosecute.
A year-long investigation found that the British banking giant had blown right past federal laws by laundering billions of dollars from Mexican drug trafficking and processing banned transactions on behalf of Iran, Libya, Sudan and Burma. A Wednesday Times article serves up vivid passages about the shady goings-on, including HSBC officials working closely with Saudi Arabian banks linked to terrorist organizations.

2 Comments in Response to

Comment by Hawkeye
Entered on:

Thanks Ernest.

Jerry Alexander

Comment by Powell Gammill
Entered on:

HSBC" href="">You Call This Justice? DOJ Criticized for Its Settlement with “Too Big to Jail” Bank HSBC