HSBC’s Get-Out-of-Jail-Free Card

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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Erich Vieth

Erich Vieth is an attorney focusing on civil rights (including First Amendment), consumer law litigation and appellate practice. At this website often writes about censorship, corporate news media corruption and cognitive science. He is also a working musician, artist and a writer, having founded Dangerous Intersection in 2006. Erich lives in St. Louis, Missouri with his two daughters.

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