HBSC has engaged in rampant criminality, laundering money for terrorists and drug cartels. The Obama Administration refuses to file criminal charges. Either we have Rule of Law or we don’t. Clearly, the Obama Administration is exempting criminals for prosecution under the flimsy excuse that it would be bad for the economy to prosecute. The is a moral outrage and shows the complicity of Obama and Geithner with criminals, and by implication, with drug cartels and terrorists.
Saying that prosecuting banks will hurt economy is a deliberate lie
Our government continues the Big Lie of insisting that prosecuting banks for their criminal acts will hurt the economy.
The Departments of Justice and Treasury are pretending that criminally prosecuting criminal banksters will destabilize the economy.
The exact opposite is true.
Failing to prosecute criminal fraud has been destabilizing the economy since at least 2007 … and will cause huge crashes in the future.
After all, the main driver of economic growth is a strong rule of law.
Obama is to blame for not prosecuting Wall Street fraud
Regarding Obama’s “Justice” Department’s settlement with the biggest of all Europe’s banks, HSBC, here is Black’s summary:
Multiple U.S. government investigations concluded that HSBC:
1. Laundered billions of dollars for some of the most murderous drug gangs in the world. These gangs have murdered many thousands of Mexicans and devastated much of the nation.
2. Aided Iranian entities to evade U.S. financial sanctions on Iran. If Iran is actually developing a nuclear weapon [as the Obama Administration charges], and if it uses such a weapon to attack, it will kill tens of thousands of people, and HSBC and Standard Chartered will likely have proven useful to Iran in developing the weapon.
3. Aided Hamas, Hezbollah, and Al Qaeda.
But hey, the market, in its usual display of greed and amorality, loves HBSC, so that’s all that matters, right?
The Sinaloa cartel commits unspeakable violence in Mexico and for years banked at HSBC. Together with Columbian drug traffickers, Sinaloa thugs moved $881 million through HSBC between 2006 and 2010, the U.S. Department of Justice said yesterday. But the market doesn’t seem to care.
The deliberate moral and ethical blindness of the market speaks volumes about how things really operate. All they care about are profits, now matter how blood-drenched, now matter how many die.
Do you really think the banks don’t know where the money comes from? Emphasis added.
The National Drug Intelligence Center (NDIC) in 2010 estimated that drug traffickers smuggled between $18 billion and $39 billion in drug proceeds across the U.S.-Mexico border each year. Once the tainted U.S. currency was south of the border, the cartels had to dispose of it, and their answer was to funnel much of it through Mexican money-changers and banks and into U.S. financial institutions.
Long history of HSBC bank money laundering
If there was any lingering doubt about the supremacy of the internationalist banker over the canons of law, the latest HSBC exemption from criminal charges proves that the real masters of the planet are the criminal banksters. If this settlement was an abnormality and not the rule, one might argue the expediency for pragmatism, while deployable, is necessary. Unfortunately, for the financial elites, the facts tell a very different story.
Of course the banksters know where the money is from. This makes them criminals themselves. In a way the cartels are actually more honorable than the banksters because they don’t pretend to be anything other that what they are while the banksters make a great and phony show about being good citizens.