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."
Dear Drugs-Forum readers: We are a small non-profit that runs one of the most read drug information & addiction help websites in the world. We serve over 4 million readers per month, and have costs like all popular websites: servers, hosting, licenses and software. To protect our independence we do not run ads. We take no government funds. We run on donations which average $25. If everyone reading this would donate $5 then this fund raiser would be done in an hour. If Drugs-Forum is useful to you, take one minute to keep it online another year by donating whatever you can today. Donations are currently not sufficient to pay our bills and keep the site up. Your help is most welcome. Thank you.