HSBC paying $2 billion to avoid criminal charges in drug cartel laundering case

HSBC is paying $2 billion, or 5 weeks worth of its profit, to avoid criminal charges in drug cartel laundering case (via GlobalPost)

Enlarge Seized cash like the dollars and Mexican pesos pictured here is nothing compared to the multi-billion dollar empire of the Sinaloa cartel, which laundered its money through HSBC. The US has decided not to prosecute the bank, despite its business…

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  • Ken Morris

    Let’s cut to the chase: (1) a bank guilty of massive money laundering gets off after paying $2 billion, money that comes from its customers; (2) the bank proceeds to spend more of its customers’ money to hire a bunch of overpaid anti-money laundering experts, even though sources say that the systemic problems have not been corrected; and (3) the bank cuts off loans to small businesses like corner stores in the name of reforms. At each step the little guy gets hurt while the bank prevails. Isn’t global finance great?

  • McDemon

    Nothing like being able to buy your way out of a criminal rap. What a crock of shit! These fuckers need to be strung from a lamp post. This is how you “fix” the systemic problems in the banking system. You cheat, lie, steal, commit fraud destroy peoples lives with your malfeasance you should die..Period..

    http://www.aljazeera.com/news/asia-pacific/2013/11/vietnam-banker-sentenced-death-fraud-2013111662741522258.html

    If what was just done in Vietnam were practiced in the US, the financial collapse never would have happened and would certainly never happen again. As a society, we need to grow a set of balls and hold these grifters to account.