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Tue Dec 11, 2012, 10:30 AM

So HSBC launders billions of illegal money and gets a slap on the wrist?

No charges against anyone, and certainly no jail time to be served.

They'll still be permitted to manage pensions and credit cards and process hundreds of billions of dollars worth of international money movement.

But some guy who got busted 30 years ago with a gram of crack can never receive food stamps or live in public housing or, realistically, get a job.


Am I missing something here?

11 replies, 1369 views

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Arrow 11 replies Author Time Post
Reply So HSBC launders billions of illegal money and gets a slap on the wrist? (Original post)
Orrex Dec 2012 OP
jollyreaper2112 Dec 2012 #1
dballance Dec 2012 #2
KurtNYC Dec 2012 #3
Orrex Dec 2012 #4
exboyfil Dec 2012 #6
DollarBillHines Dec 2012 #8
russspeakeasy Dec 2012 #5
Egalitarian Thug Dec 2012 #7
leftyOhio Dec 2012 #9
tofayel Dec 2012 #10
Orrex Dec 2012 #11

Response to Orrex (Original post)

Tue Dec 11, 2012, 10:34 AM

1. yes

Specifically: "Fuck you for being poor, you asshole."

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Response to Orrex (Original post)

Tue Dec 11, 2012, 10:35 AM

2. I Think You Hit it Dead On

I read a post here recently that explained a lot of us are now learning what African Americans learned a long time ago. There are two justice systems in the US. One for the poor, minorities, the 47% that is harsh and is why we have more people in jails than any other country. There is another system for corporations and the rich that doles out fines they can easily pay and slaps on the wrist as you point out.

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Response to Orrex (Original post)

Tue Dec 11, 2012, 10:38 AM

3. Largest fine ever -- $1.92 billion dollars

plenty of other banks have and still do process money from all kinds of transactions. HSBC was guilty but why were they singled out?

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Response to KurtNYC (Reply #3)

Tue Dec 11, 2012, 10:40 AM

4. Good question, but here's another:

Why is no one serving jail time? If you or I engaged in money laundering for Iran, how long do you think we'd get to walk around free? Would we pay a (relatively) small fine and admit no wrong-doing?

I rather suspect that you or I would face a different outcome.

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Response to Orrex (Reply #4)

Tue Dec 11, 2012, 10:50 AM

6. I am going to take a shot

The money was more important to the government than throwing some low and mid-level HSBC employees into jail who were probably following orders. Orders with plausible deniability.

As Mr. Cici says in Godfather II, "Oh yeah, a buffer. The family had a lot of buffers!"

Not saying it is right. Just speculating as to the reasons.

I am still wondering how, in our local scandal with Russell Wessendorf the head of Peregrine, that the CFO is still walking free. http://www.pfgbest.com/aboutNEW/leadership.asp

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Response to KurtNYC (Reply #3)

Tue Dec 11, 2012, 10:54 AM

8. They were singled out because of Iran, drug cartels and Saudi backing of terrorists

And all they got was a measly fine.

This is, basically, a green light for every bank that is too big to indict. This bullshit about criminal indictments that would slow down economic growth and job growth is just that - bullshit.

Fucking Holder and mealy-mouth Geithner never even met on this case, if that tells you anything. There is a great article on this in today's NYT.

There are no numbers about the total dollars involved, which means that those numbers are totally off the charts.

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Response to Orrex (Original post)

Tue Dec 11, 2012, 10:42 AM

5. Because "their" law is different from "the" law.

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Response to Orrex (Original post)

Tue Dec 11, 2012, 10:51 AM

7. As always, George has the answer.

 


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Response to Orrex (Original post)

Tue Dec 11, 2012, 11:54 AM

9. Too big to jail?

I see these monetary settlements for big banks and no criminal prosecution and wonder "what the hell did Martha Stewart do to deserve jail time compared to these Wall Street crooks?"

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Response to Orrex (Original post)

Tue Dec 11, 2012, 03:50 PM

10. Spam deleted by cbayer (MIR Team)

 

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Response to tofayel (Reply #10)

Tue Dec 11, 2012, 04:05 PM

11. I for one am glad to see you at DU

I look forward to what I'm sure will be many long years of informative postings.

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