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Too Big to Jail: Big Banks Can Finance Terrorists and Walk Away Scot-Free
Wednesday, December 12, 2012 23:38
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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. TheTimes 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.
