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Move over too big to fail, now we have too big to indict

State and federal authorities decided against indicting HSBC in a money-laundering case over concerns that criminal charges could jeopardize one of the world’s largest banks and ultimately destabilize the global financial system.

Instead, HSBC announced on Tuesday that it had agreed to a record $1.92 billion settlement with authorities. The bank, which is based in Britain, faces accusations that it transferred billions of dollars for nations like Iran and enabled Mexican drug cartels to move money illegally through its American subsidiaries.

While the settlement with HSBC is a major victory for the government, the case raises questions about whether certain financial institutions, having grown so large and interconnected, are too big to indict. Four years after the failure of Lehman Brothers nearly toppled the financial system, regulators are still wary that a single institution could undermine the recovery of the industry and the economy.
Looks like extortion to me.
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spblademaker;51371 Wrote:Looks like extortion to me.

For a bank caught money laundering for Mexican drug cartels and to Syria and Iran?
ArcticSplash;51375 Wrote:
spblademaker;51371 Wrote:Looks like extortion to me.

For a bank caught money laundering for Mexican drug cartels and to Syria and Iran?

Strangely enough the administration that was running guns to the drug cartels and won't do a damn thing about the situation in either Syria or Iran is allowing one of their banks to get away with, in essence, money laundering. HmmmmmmmmmmmmmmShrug
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spblademaker;51371 Wrote:Looks like extortion to me.

Paying tribute to Caesar. Wink
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