Galatia Forums

No one at HSBC will face criminal charges . . . I wish I was a bank or a insurance company.

"Europe's largest bank will avoid a potentially crippling criminal prosecution for its role in moving cash for known terror groups, Mexican drug cartels, and rogue governments such as Iran, instead agreeing to pay a record $2 billion settlement, U.S. Justice Department officials announced at a press conference today. "

"Lanny Breuer, Assistant Attorney General for the Criminal Division, disputed suggestions that the bank was "too big to be prosecuted," but did not dispute the idea that the Justice Department was looking for ways to penalize the bank without compromising the jobs and beneficial economic activity that the massive bank supports. "

http://abcnews.go.com/Blotter/hsbc-pay- ... d=17934134

Yeah, that sucks but I think that money penalties hurt too. So if you can't put people in jail, make them pay up their ass. 2 billion is a lot of money. The fed should keep penalizing these companies and pay the deficit with what they get. Win-win for the fed ;)

I feel the penalty doesn't match the crime. These executives knowingly commited fraud, aided terrorist, and funnelled drug money. How many lives have been ruined by their greedy actions? How much is a life worth? And as punishment, they keep their jobs. I got a feeling the fines payments will just appear, most likely by way of a Cayman Island account set up by a Mexican National. Note: Part of the settlement is to recieve monies from executives no longer working at HSBC. Do you really think anyone will blink if Former Exec #1 pays more than his/her share.

Where are the trust busters? Oh, you are too big, eh? Sounds to me like the perfect call to break up the company. And lots of companies has to be better for employment (barf) than one big company.