HSBC avoided US money laundering charges because of 'market risk' fears

US officials refused to prosecute HSBC for money laundering in 2012 because of concerns within the Department of Justice that it would cause a "global financial disaster", a report says.

A US Congressional report revealed UK officials, including Chancellor George Osborne, added to pressure by warning the US it could lead to market turmoil.

bbc

Looks like another case of to big to jail!

Lets not just blame the USA though...

The report alleges the UK "hampered" the probe and "influenced" the outcome.

HSBC was accused of letting drug cartels use US banks to launder funds.

The bank, which has its headquarters in London, paid a $1.92bn (£1.48bn) settlement but did not face criminal charges . No top officials at HSBC faced any charges.

'Serious implications'

The report says: "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."

Looks like cronyism is still alive a d well!

a reply to: crazyewok

I won't bank with HSBC because of this. It rankers that some things can get away with crime and ordinary people can't. Its something that bugs me because I am sure provisions could be made to deal with these monstrosities.

We really do need a monopolies commission with power to stop these huge corporations from taking over the world and putting themselves above the law - which they won't hesitate to use when it suits their purposes themselves.

a reply to: crazyewok

I find it sad that up the top end of the game they look after their own,they have each others back....

Down here in the scrap heap we are so busy fighting each other and looking for ways to throw one another to the wolves we are our own worst enemy....we could learn a thing or two from their actions...

Sorry to get all philosophical on you .... thats all i got left

a reply to: hopenotfeariswhatweneed

I do think through social media ordinary people today have a say and can expose the villains who have no thought for anything other than their wallets and luxurious lifestyles, which gives them time to laugh at the misery they cause decent ordinary people they have thrown out of work.

However I think its time that the public stopped making these selfish individuals celebrities especially in magazines that merely show off their wealth and people are stupid enough to buy.

What we need today are heroes who fight for the people and to stick by them so they don't get murdered for telling the truth. We are coming to the time of revolution because what we have today is unacceptable and untenable.

a reply to: crazyewok

I think it might go a bit further....

The Clinton Foundation

HSBC is a major donor.

Foundations being started by people in high government positions or strong ties to them...what could possible go wrong.

No country or corporation is going to pay 200K for a 25 minute speech without expecting something more in return to benefit them 1000 fold or more.

Exactly

No that's wrong.

It's because those who have the gold make the rules. It's called the "Golden Rule" silly.

Interesting tidbit of info -

James Comey sat on the board of HSBC from Mar 2013 to August 2013. He resigned when he became FBI Director.

Thoughts?