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  1. Frmrjunkie
    PHSBC too big to put in jail?

    HSBC admits to "turning the other cheek" on funds being laundered through them from Mexican drug cartels.
    Admittedly, for years, they have been ignoring the hundreds of millions of dollars flowing through thier branches. The bank also acknowledged that its international staff had stripped identifying information on transactions through the U.S. from countries including Iran and Sudan in order to evade sanctions. HSBC received multiple warnings. U.S. regulators ordered the bank in 2003 to strengthen its anti-money laundering controls, and did so again in 2010 after finding it had continued to ignore suspicious transactions.

    In lieu of indictment, they pled to a $1.9 Billion (USD) settlement!

    My home town law professor, Jimmy Gurulé, said "[The deal] makes a mockery of the criminal justice system."

    What a joke! Great way for my government to reiterate it's all about the Benjamins! As an accountant, I'd be in deep shit if i got caught "cookin the books."


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