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Report: DOJ Overruled Recommendation to Prosecute HSBC

Business  (tags: HSBC, Report, House Republicans, Committee on Financial Services, money laundering, sanctions violations, DOJ, Eric Holder, Obama administration, Treasury Dept, UK, Financial Services Authority, Too Big to Fail, no prosecution, settlement )

- 1101 days ago -
Top DOJ officials overruled their staffers' recommendation to prosecute HSBC Holdings for money laundering in 2012, concerned that criminal charges against the British bank "would have serious adverse consequences on the financial system".


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Judy C (91)
Tuesday July 12, 2016, 12:08 am
Apparently there was a little persuasion used, according to the report: "George Osborne, Chancellor of the Exchequer, the UK's chief financial minister, intervened in the HSBC matter by sending a letter to Federal Reserve Chairman Ben Bernanke... to express the UK's concerns regarding US enforcement actions against British banks." Apparently Eric Holder was just too concerned to pursue any prosecution of this overgrown bank.

Judy C (91)
Tuesday July 12, 2016, 12:13 am
According to The Guardian, "The 2012 settlement detailed how Mexico’s Sinaloa drug cartel and Colombia’s Norte del Valle cartel laundered $881m through HSBC and a Mexican unit. In some cases, Mexican branches had widened tellers’ windows to allow big boxes of cash to be pushed across the counters. HSBC also violated US sanctions by working with customers in Iran, Libya, Sudan, Burma and Cuba".

Darren Woolsey (218)
Tuesday July 12, 2016, 12:25 am
A few parallel issues here:
The U.S. only places sanctions on those countries it seeks to covertly control by censoring and suffocating their ability to engage in International Trade and engagements, given that those same countries are rich in resources, which the U.S. would like to exploit.

Secondly, by overruling any prosecution, intimate details of relations would remain locked, "behind closed doors" and thus not open the U.S. itself open to some of its own nefarious dealings.

David M (3)
Tuesday July 12, 2016, 1:28 am
Sounds like someone needs to overrule DOJ.

Animae C (508)
Tuesday July 12, 2016, 5:38 am
Thanx Judy

Fiona Ogilvie (562)
Tuesday July 12, 2016, 6:35 am
Thanks, Judy. Noted. This is such an important and revealing situation.....just more and more corruption in high places.......

Mitchell D (82)
Tuesday July 12, 2016, 8:19 am
So, in effect, these asses can do whatever they wan, with no consequences; another version of "Too big to fail!"

pam w (139)
Tuesday July 12, 2016, 12:31 pm
Mitchell (OMG) that's exactly my thought! "Too big to fail" or "Too big to prosecute."

Janet B (0)
Tuesday July 12, 2016, 12:35 pm

Birgit W (160)
Tuesday July 12, 2016, 2:31 pm
Daren says it all. Thanks. I would like to send you again many green stars but Care2 does not give me the option today.

Lois Jordan (63)
Tuesday July 12, 2016, 2:58 pm
Thanks for posting, Judy.
Well, I certainly had my eyes opened to Obama when he first went about appointing former Bush employees, and also some Republicans when he first took office. In the back of my mind, I just couldn't believe he would do that, and waited to see what happened.
So, guess I was right.
This is why members of BOTH parties no longer trust them; and why Congress' approval ratings remain low.

Darren Woolsey (218)
Wednesday July 13, 2016, 1:28 pm
The entire American system seems rigged.

As for CARE2, wake me up when Eric and Co. get their act together.

Past Member (0)
Wednesday July 13, 2016, 8:43 pm

So many major stories lately, this important story hasn't gotten half the press it deserves. HSBC is a known criminal operation just ask Matt Taibbi.

HSBC needs to have its charter revoked a.s.a.p....but that won't happen because it's clear to all by now that the "Rule of Law" does not apply to the rich and the 1%, it only applies to the People who want to Protest the rich and the 1%.

"Top DOJ officials overruled their staffers' recommendation to prosecute HSBC Holdings in 2012, concerned that criminal charges against the British bank "would have serious adverse consequences on the financial system....."

Ah, yes, the ol' "too big to fail" excuse.........Deutsche Bank is headed for collapse but somehow that won't 'have serious adverse consequences on the (world) financial system.', but prosecuting HSBC's money laundering will?! More BS.


Darren Woolsey (218)
Wednesday July 13, 2016, 11:49 pm
A lot of news is prioritized in terms of what the controllers of the various Press/Media stations deem worthy of "Public Attention" so, generally anything that criticizes the way of life the Press/Media/Corporate Capitalists maintain, will be buried, OR be published in a back page, further away from "Headlines"

That's also the reason why APOLOGIES from the Press/Media generally get a smaller headline, UNLESS it's in their interest to appear they are the champions of the Public.

HSBC, like Barclays, is a major world player, and this story deserves more coverage than what it has received.

But, then invented fiascos such as BREXIT, WAR, the Presidential Elections, ALL command attention from the Public and that's what they've been absorbed in recently.

"When we got bored, We had a world war,
Happy but poor, so let's see the news boy,
I'll go make that tea."

Genesis, Blood On The Rooftops, Wind And Wuthering, 1977

The title of course, implies, the further away an event is from public gaze/attention/consciousness, the less likely the public will even stir.
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