I guess if you work at a bank you don't go to jail.

[techs]

http://usnews.nbcnews.com/_news/201...cord-19-billion-in-money-laundering-case?lite

Banking giant HSBC to pay record $1.9 billion in money-laundering case

British banking giant HSBC has agreed to pay more than $1.9 billion to U.S. authorities -- the largest penalty ever paid by a bank -- after failing to abide by anti-money laundering and sanctions laws, it said on Tuesday.

The investigation of the bank -- Europe's largest by market value -- has focused on the transfer of funds through the U.S. financial system from Mexican drug cartels and on behalf of nations like Iran that are under international sanctions.

The bank said in a statement that it had also “clawed back” bonuses from a number of senior staff, spent more than $290 million on “remedial measures” and taken steps to limit business in “countries that pose a high financial crime risk.”

The statement added that the bank was also expected to finalize an agreement with the U.K. Financial Services Authority “shortly.”

Stuart Gulliver, chief executive of HSBC Group, said in the statement that the bank was a “fundamentally different organization” now.

"We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again,” he said.



Money laundering for drug cartels? No problem. As long as you say you are sorry you pay a fine and move on?
How come no one goes to jail?

 

[Pr0d1gy]

Money laundering for drug cartels? No problem. As long as you say you are sorry you pay a fine and move on?
How come no one goes to jail?

Same reason nobody from Hostess' executive pool or board went to jail, same reason nobody from Wall Street went to jail in 2008 despite the theft of trillions of dollars. Stealing is only a crime if you are not rich already.

 

[dmcowen674]

I guess if you work at a bank you don't go to jail.

Money laundering for drug cartels? No problem. As long as you say you are sorry you pay a fine and move on?

How come no one goes to jail?

The last time anyone went to jail was the Enron case and Madoff.

Since then the Execs have secured enough of the Government to never have to worry about going to jail again.

 

[Pr0d1gy]

The last time anyone went to jail was the Enron case and Madoff.

Since then the Execs have secured enough of the Government to never have to worry about going to jail again.

Now it's not called stealing anymore, it is called profit sharing.

 

[soulcougher73]

I think we should send all bankers who get busted for something to jail for life to show that we will not tolerate it. Maybe future bankers will get the hint that our financial system is not to be gambled with.

 

[Genx87]

Same reason nobody from Hostess' executive pool or board went to jail, same reason nobody from Wall Street went to jail in 2008 despite the theft of trillions of dollars. Stealing is only a crime if you are not rich already.

Plenty of execs were tossed in jail under Bush from the enron, tyco et all melt downs.

 

[airdata]

If only there wasn't a mass group of people to protest & bring people like this to justice more often.

And as far as them going to jail... They goto jail if they rip off rich people. Look at Madhoff... guys doing a life term cause he fucked over the wrong people.

Meanwhile people who were behind the housing bubble are still living the life.

 

[biostud]

just "steal" all the money back from the rich through taxes and use it to improve everyday life for middle America

 

[Pr0d1gy]

Plenty of execs were tossed in jail under Bush from the enron, tyco et all melt downs.

Yet not one was tossed in for the insider trading that profited from the 2008 crash. Ironic, eh?

Airdata beat me to it...lol

 

[FerrelGeek]

just "steal" all the money back from the rich through taxes and give it to the rich and powerful that put Obama back in office for the payback they expect.

Fixed.

 

[Genx87]

Yet not one was tossed in for the insider trading that profited from the 2008 crash. Ironic, eh?

Airdata beat me to it...lol

It is rather ironic considering Obama is supposed to be a class warrior for the middle class. The guy is more in the pockets of the rich than even Bush.

 

[JTsyo]

So is this why HSBC has cut my interest rate on my internet saving account down to .3%?

 

[Pr0d1gy]

It is rather ironic considering Obama is supposed to be a class warrior for the middle class. The guy is more in the pockets of the rich than even Bush.

Nobody has any choice. Once you take that office you have to swear fealty to The Fed or else you end up like JFK. Stop acting so holier than thou.

JT, expect those types of maneuvers to continue as the private sector/banks/Wall Street/etc is on a mission to find every possible way they can to screw Americans at this point.

You'd think they'd at least put it in that box before they dicked us over:

http://www.youtube.com/watch?v=WhwbxEfy7fg

 

[Genx87]

Nobody has any choice. Once you take that office you have to swear fealty to The Fed or else you end up like JFK. Stop acting so holier than thou.

JT, expect those types of maneuvers to continue as the private sector/banks/Wall Street/etc is on a mission to find every possible way they can to screw Americans at this point.

You'd think they'd at least put it in that box before they dicked us over:

http://www.youtube.com/watch?v=WhwbxEfy7fg

Bush didnt end up dead when his doj prosecuted enron and tyco execs.

 

[Pr0d1gy]

Bush didnt end up dead when his doj prosecuted enron and tyco execs.

They cherry pick certain ones to placate the public. Did anyone go to jail for the 2008 fiasco? How about the people who made trillions the day the market crashed and those companies failed? Not a single person.

 

[Acanthus]

just "steal" all the money back from the rich through taxes and use it to improve everyday life for middle America

Give a few corporations the death penalty, sell off all of their assets, and use the money toward the national debt.

Two birds with one stone.

 

[FerrelGeek]

They cherry pick certain ones to placate the public. Did anyone go to jail for the 2008 fiasco? How about the people who made trillions the day the market crashed and those companies failed? Not a single person.

Then blame Holder and Obama. They could have gone after them but they didhn't

 

[BoberFett]

Yet not one was tossed in for the insider trading that profited from the 2008 crash. Ironic, eh?

Airdata beat me to it...lol

Psssst... Bush hasn't been the president since very early in 2009.

So who are you going to blame for failure to bring the justice you seek?

Here's a hint: I bet you voted for him.

 

[techs]

How about blaming people who let corporations buy politicians with unlimited campaign funds and cushy jobs when politicians leave office.

End lobbying. End corporate donations to political candidates. Put a 250 dollar limit on campaign contributitons. Do that and you will have politicians who work for you instead of corporations.

 

[FerrelGeek]

How about blaming people who let corporations buy politicians with unlimited campaign funds and cushy jobs when politicians leave office.

End lobbying. End corporate donations to political candidates. Put a 250 dollar limit on campaign contributitons. Do that and you will have politicians who work for you instead of corporations.

Would you put the same limits on unions? Not all members of a given union support the position taken by their leadership.

 

[Thump553]

Of course the corporation is not going to be put in jail. That doesn't bar any seperate actions against the individuals involved however.

 

[blankslate]

Who was the person who coined the phrase "The best way to rob a bank is to be the owner of that bank."? or something close to it.

 

[BoberFett]

How about blaming people who let corporations buy politicians with unlimited campaign funds and cushy jobs when politicians leave office.

End lobbying. End corporate donations to political candidates. Put a 250 dollar limit on campaign contributitons. Do that and you will have politicians who work for you instead of corporations.

End lobbying? Are you no longer going to be allowed to write to your representative?

Do you understand the words you use?

 

[Matt1970]

Who was the person who coined the phrase "The best way to rob a bank is to be the owner of that bank."? or something close to it.

I think it's a book.

 

[Pr0d1gy]

Psssst... Bush hasn't been the president since very early in 2009.

So who are you going to blame for failure to bring the justice you seek?

Here's a hint: I bet you voted for him.

I was unaware that Obama ran our legal system. When did he appoint himself to the Supreme Court, anyways? Thanks for clarifying this for me BubbaFett, what would we do without your thousands of useless posts?

Thump, it apparently DOES bar any legal action against 99% of these people. Of course they will always sacrifice a Madoff or someone similar to appease the masses.