803. To keep up with the latest uncensored news, follow her on,“Too Big to Jail” — US Refuses to Charge HSBC Because it Could Hurt the Financial System,As it turns out, the rumors were true — HSBC escaped prosecution for money laundering because the behemoth bank was “too big to jail.”,Too Big to Jail: Inside the Obama Justice Department’s Decision Not to Hold Wall Street Accountable,,” found officials in the U.K. applied the economic threat cum warning of.to ensure HSBC wouldn’t be subject to prosecution for rather serious allegations.Among a multitude of other findings, according to the report’s Executive Summary [all emphasis has been added]:Chaired by U.S. Rep. Jeb Hensarling, the Committee on Financial Services initiated a study in March 2013 concerning the Department of Justice’s incongruent decision not to prosecute the London-based bank, nor its executives or employees, for laundering drug cartel money.From the beginning, the Committee encountered.from both the DOJ and Dept. As.A Treasury spokesman declined to comment.In addition to the Justice Department’s reported concern that prosecuting the bank would impact the safety and soundness of the global financial system, Holder’s office also sent proposed settlement numbers to HSBC before consulting with OFAC. Disclaimer.
".It means they are not only big, but they do a lot of business around the globe.If they get into trouble, these are the banks that could cause havoc for many nations because they are connected to so many other banks and investors.In the U.S., big banks have become a hot issue on the 2016 presidential campaign trail.Democrats Bernie Sanders and Martin O'Malley believe large banks should be broken up so they are easier to regulate and wouldn't need bailouts again.Others like Hillary Clinton and many of the Republicans say simply breaking up banks is a naive approach. All information, data, and material contained, presented, or provided on TheFreeThoughtProject.com is for educational purposes only. David Cohen, then-Treasury undersecretary for terrorism and financial intelligence.A spokesman for the Justice Department provided a lengthy statement which has been excerpted: “The Department of Justice is committed to aggressively investigating allegations of wrongdoing at financial institutions, and, along with our law enforcement partners, holding individuals and corporations responsible for their conduct. The rest of the banks are in the lower levels.All the banks on the list are supposed to hold additional assets to help offset any potential losses along the lines of what happened to Lehman Brothers when it couldn't pay up and had to file for bankruptcy in 2008.Most stock quote data provided by BATS.
The big news in the US Senate’s Permanent Sub-Committee on Investigation’s 340-page report released last week on drug money-laundering by London’s HSBC Bank, the world’s 4th largest, is the answer to the question: When prosecutors choose not to prosecute to the full extent of … Some banking institutions have become so large criminal prosecutions resulting in revocation of banking charters may negatively affect the national, and perhaps the global, economy.
That's another way of saying "too big to fail. of the Treasury,“necessitating the issuance of subpoenas to both agencies.”,In fact, it took the Committee three full years from its initial request for information to ultimately procure the necessary items for review, and records from the Treasury show the DOJ,“Attorney General [Loretta] Lynch and Secretary [of the Treasury Jack] Lew,to produce the subpoenaed records to the Committee,”.should the U.S. proceed with indicting HSBC or complicit employees — an advisement reiterated by the U.K.’s chief financial minister, Chancellor of the Exchequer, George Osborne to then-Chairman of the Federal Reserve Ben Bernanke — the DOJ chose not to proceed with charges, obfuscating the truth of its motivations to all but insiders.Further, the Financial Services Authority (,) — the U.K.’s regulator of all financial services —.the DOJ’s ultimate decision to refrain from prosecution.Though HSBC settled for $1.92 billion, no criminal charges were ever filed against the entity or any of its employees.A letter from Osborne to Bernanke in which then-Treasury Secretary Timothy Geithner was copied warned prosecuting a,“systemically important financial institution”,“very serious implications for financial and economic stability, particularly in Europe and Asia.”.Holder rejected recommendations from less senior staff to charge HSBC because of its “systemic importance” to global financial markets. TheFreeThoughtProject.com. ET