HSBC’s Get-Out-of-Jail-Free Card

| December 22, 2012 | Reply

Former Prosecutor Neil Barofsky explains that HSBC is too big to fail, just like several other Wall Street banks. The evidence is that prosecutors had the goods on HSBC–it was clear that HSBC knowingly laundered $800 Million in Columbian drug money, but used its political influence to cut a deal to write the whole thing off as a relatively small cost of doing business.

As Barofsky explains on Cenk Uygur’s show, we need to break up and “neuter” the big banks, but he’s not optimistic that this can happen before yet another crash.

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Category: American Culture, Corporatocracy, Corruption, Fraud

About the Author ()

Erich Vieth is an attorney focusing on consumer law litigation and appellate practice. He is also a working musician and a writer, having founded Dangerous Intersection in 2006. Erich and his wife, Anne Jay, live in the Shaw Neighborhood of St. Louis, Missouri, where they are raising their two extraordinary daughters.

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