Related: HSBC to Pay $1.92 Billion to Settle Money Laundering Charges, December 11, 2012
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Clearly, the government has bought into the notion that too big to fail is too big to jail. When prosecutors choose not to prosecute to the full extent of the law in a case as egregious as this, the law itself is diminished. The deterrence that comes from the threat of criminal prosecution is weakened, if not lost.