By: adamdschneider
Man, that is just a terrible, terrible idea. No one has the time or resources to investigate every company they might possibly invest in through an index fund or something, especially if the companies...
View ArticleBy: T.D. Strange
That's the type of analysis I'm talking about. Whose talking about this from the prosecutorial side right now regarding this specific deal? He's a joke. He doesn't understand the law, or finance....
View ArticleBy: kengraham
(Anyone with a bank account does it, but it's irresponsible to invest in something one hasn't researched, or that one doesn't know explicitly that one is investing in it (because it could be a criminal...
View ArticleBy: dirigibleman
The level of disgust may require raising the disgust ceiling. Can anyone imagine how many billions they passed under the table? Passed? What makes you think they stopped?
View ArticleBy: homunculus
Taibbi was on Democracy Now today: After Laundering $800 Million in Drug Money, How Did HSBC Executives Avoid Jail?Matt Taibbi on the Unfolding Libor Scandal and What Sen. DeMint's Departure Means for...
View ArticleBy: Shit Parade
Clearly, the government has bought into the notion that too big to fail is too big to jail.
View ArticleBy: kengraham
It is true though, that they were not acting under the direction of granny in Duluth, or any of the other people who own part of the company through a 401k. Surely if it's a crime to fund terrorists...
View ArticleBy: notyou
When approached by the Justice Department for their thoughts, the regulators cautioned about the effect on the broader economy. So that makes you and me and all of us either complicit in the crime or...
View ArticleBy: dubusadus
Laundering money to dictators and drug barons is an ethical issue, not a moral one. Whether or not people have died as a result of drug wars and terrorists is outside of HSBC's domain. They offer a...
View ArticleBy: Drinky Die
I'm all for throwing some people in jail, but who? You headhunt for the bosses. First arrest the low level criminals and try and get them to flip in exchange for lighter treatment. Then, you prosecute...
View ArticleBy: warbaby
curse you man of twists and turns! I was just going to post that link. It supplies exactly what Ironmouth asked for: a prosecutorial side view that calls for action. In this case, breaking up the bank...
View ArticleBy: the man of twists and turns
Too Big to Jail – Our Banking System's Latest Disgrace By Neil Barofsky, former Special Inspector General for the Troubled Assets Relief Program Some perspective: HSBC sent more than $800 million in...
View ArticleBy: Smedleyman
Current law is clearly inadequate to deal with these issues, in at least two ways: 1) It is an insufficient deterrent 2) It is an inadequate punishment I don't know that any punishment/deterrent would...
View ArticleBy: rough ashlar
SOPA Now these people are claiming they are going to make a 'generic' boycott application. One that could be used to have you avoid HSBC - if it worked....
View ArticleBy: rough ashlar
I have never understood why the RICO Act, which also doesn't require you to "prove he knew", has never been invoked for any of these financial crimes. RICO tends to be used by the Feds when they want...
View ArticleBy: lucien_reeve
This situation shows that we need a new legal order. Clearly we are now living in a society where corporations, including banks, can commit acts which, while not technically criminal, because of the...
View ArticleBy: Mezentian
I've been brooding on this since I heard it on NPR. And I have a solution: Take their assets, and break up the "too big to fail" businesses. Then start chucking people who wilfully broke the law into...
View ArticleBy: Mitheral
I'm skeptical about the "box designed to fit exactly through the tellers window" especially since the quote seems to be coming from the AG. First off if you are going to custom order a box to deposit...
View ArticleBy: lupus_yonderboy
Smedleyman: your heart is in the right place but Katz doesn't protect corporations from having to expose their books and other records to law-enforcement and the SEC - there are numerous explicit laws...
View ArticleBy: snsranch
I find this both funny and sad. Sad because this ruling is weak. The DoJ has just sent the message that with enough money you can do whatever the fuck you want. (I guess we already knew that.) Sad...
View ArticleBy: Smedleyman
God people are idiots God People is a good cop! I have never understood why the RICO Act, which also doesn't require you to "prove he knew", has never been invoked for any of these financial crimes....
View ArticleBy: vidur
It is not just American laws. The FATF has 36 member countries that cooperate and collaborate on measures against money laundering and terrorist financing. Governments are not innocent babies. It is...
View ArticleBy: EmpressCallipygos
God people are idiots. Officials are on record stating they did not pursue criminal charges because it might damage the world financial economy. ....Exactly who are you accusing of being the "idiots"...
View ArticleBy: Malor
kiltedtaco: is that they occurred at non-US subsidiaries of HSBC and potentially by non-US citizens. Yeah, big deal. We've made it clear on many occasions that our laws apply anywhere we want them to...
View ArticleBy: Malor
Ironmouth: He's a joke. He doesn't understand the law, or finance. Matt Taibbi? I can't speak to his legal knowledge, but he understands finance better than most. He knows, and tells, what's actually...
View ArticleBy: lupus_yonderboy
kiltedtaco: excellent question. My best guess is that the moment the money and information "gets into the system" of the US bank then it comes under US jurisdiction. But I'm quite sure that when the...
View ArticleBy: kiltedtaco
Before I get crap for this, I'm going to add an addendum that I'm not advocating for this to be super legal and for nobody to receive any punishment ever. I'm asking exactly what that criminal...
View ArticleBy: kiltedtaco
The document from the DoJ with all the fun details on the money laundering is this PDF. It's fascinating. As far as I can tell, part of the problem with prosecuting most of the cases where someone...
View ArticleBy: lupus_yonderboy
And look at this - I'd forgotten that my old firm, Drexel Burham Lambert, got RICO'ed, and got out of it by pleading no contest: "If the bond ever had to be paid, its shareholders would have been...
View ArticleBy: lupus_yonderboy
Soxley is by no means the only body of applicable laws where senior management can been held legally liable for criminal actions taken by their subordinates without having to actually prove knowledge....
View ArticleBy: Shit Parade
God people are idiots. Officials are on record stating they did not pursue criminal charges because it might damage the world financial economy. No wonder this happens it's hard not to have a contempt...
View ArticleBy: Ad hominem
criminally liable for errors in reporting if they were gross enough, even if the errors were inadvertent. Ok, yeah. There are criminal and civil penalties. Part of SOX is that there must be internal...
View ArticleBy: lupus_yonderboy
> I'm pretty sure SOX applies to financial reporting, not random mistakes or even criminal activities committed by a random employee. You're quite right that it's only applicable to financial...
View ArticleBy: Ad hominem
Soxley for a CEO to go to jail over an inadvertent mistake committed by an underlying, if that mistake is gross enough, though it hasn't happened to the best of my knowledge. You sure about that? I'm...
View ArticleBy: JackFlash
And it is just a "partial" deferral. Apparently they get to collect some of their bonuses right away. The rest will be put away for them to collect in five years. Please don't throw me in that briar...
View ArticleBy: JackFlash
IamBroom: Some good (but not great) news from TFA. In regard to bonuses, the rumour is that the deal will provide that the HSBC's top executives are to defer a portion of any bonuses that they are...
View ArticleBy: vidur
This is what StanChart did: Standard Chartered moved more than $200m through the US financial system primarily on behalf of Iranian and Sudanese clients by removing information that would have revealed...
View ArticleBy: bert2368
Screw the legal/ethical hair splitting. These bankers were doing the bidding of US intelligence services, who have been in on the ground floor of both international narcotics movement and "terrorism"....
View ArticleBy: Smedleyman
lupus_yonderboy you're talking courts. I'm talking enforcement. If I craft a perfect violin, it doesn't mean a thing if it's not played. It is their responsibility to find out - and they can be charged...
View ArticleBy: lupus_yonderboy
> The hard part is proving any one individual responsible for the crime. Not at all. Under Sarbannes-Oxley, for example, you do not have to prove that upper management knew what was going on. It is...
View ArticleBy: EmpressCallipygos
we don't know what the evidence looked like. And the reason we don't know what the evidence looked like is because HSBC paid the US government off to drop the case.
View ArticleBy: Smedleyman
The hard part is proving any one individual responsible for the crime. And what is being fought here is the way in which the crime is committed. It's not as straightforward as an individual crime....
View ArticleBy: lupus_yonderboy
He's a joke. He doesn't understand the law, or finance. [etc.] If you have a rebuttal of their articles or more information, lay it on us. These repeated ad hominem attacks are, as I said above,...
View ArticleBy: Shit Parade
A white house petition has started. I find the language rather shrill, here's a different one, it is marginally better. What's sad is even engaging in this behavior -- petitioning the white house --...
View ArticleBy: briank
An Open Letter to David Cameron, the Prime Minister of the United Kingdom of Great Britain and Northern Ireland, from Mrs N TurnerMr Cameron, unless I am completely mistaken, Mr Bailey seems to be...
View ArticleBy: the man of twists and turns
Why It is Essential That Criminal Bankers are Prosecuted There is a growing groundswell of informed opinion among modern commentators and even some politicians that financial regulators should be far...
View ArticleBy: homunculus
Jon Stewart Tears Into 'Disgraced Financial Institutions' For Leading The World 'To The Brink Of Armageddon'
View ArticleBy: the man of twists and turns
DOJ Refuses to Indict HSBC For Money Laundering Explicitly Because It is Too Big To Fail
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