Naked Capitalism has the story Congress Exposes That DoJ Overruled Recommendation to Indict Money Launderer HSBC Over Too Big to Fail Worries.
The House of Representatives released a bombshell today out of its three-year investigation as to why the UK-based bank HSBC got off lightly for money laundering, both for with states subject to economic sanctions like Iran and Sudan, as well as narcotics traffickers. The report found that Attorney General Eric Holder “misled” Congress about the evidence against the bank, and that staff prosecutors had recommended indictment but were overruled by Holder. In addition UK regulators interfered in the case, and argued that criminal sanctions would lead to a financial nuclear winter. That was demonstrated to be false in 2014, when BNP Paribas, which apparently had fewer friends in court, pled guilty to criminal money laundering charges and paid $8.9 billion in fines.
Later in the article we have the following:
Mind you, Bill Clinton also received a large speaking fee from HSBC while the bank was being investigated. From a 2015 Associated Press story:
State Department ethics officials also gave quick approval to Bill Clinton’s $200,000 appearance in Florida for British-based HSBC in 2011 despite a 2012 money-laundering settlement with federal prosecutors.
No wonder we can’t win the “War on Drugs”. Our government at the very highest levels has been bought off by the drug cartels. Are we about to elect one of the co-conspirators as another President too?