New Evidence Proves HSBC Avoided Criminal Prosecution Due to “Market Risk”

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All that said, if anyone is a top contender for the worst of the worst of the Obama Administration, it’s Eric Holder. As head of the Department of Justice, he was the one man who could’ve played an enormously positive role in American society, by punishing those responsible for creating the financial crisis that destroyed tens of millions of lives globally. Instead, he chose to actively protect the financial oligarchs and ushered in a tragic new era for these United States. One in which the world suddenly realized that the U.S. is little more than a glorified oligarchy. Essentially an aggressive Banana Republic armed with nuclear weapons and the swagger of a third world dictator.

– From the post: Cronyism Pays – Eric “Too Big to Jail” Holder Triumphantly Returns to His Prior Corporate Law Firm Job

The precedent was set with the TBTF mega banks, and it was continued last week with the non-indictment of Hillary Clinton.

The rule of law simply no longer exists in America. Laws do not apply to the rich and powerful, only apply to the peasant citizens.

The following is absolutely disgusting. From the BBC:

US officials refused to prosecute HSBC for money laundering in 2012 because of concerns it would cause a “global financial disaster”. 

A US Congressional report released Monday also accused former Attorney General Eric Holder of misleading congress about the decision. 

In 2012 HSBC was accused of violating US sanctions and allowing drug cartels to use its branches to launder funds. 

The bank paid a $1.92bn settlement but did not face criminal charges.

No top officials at HSBC were charged with any crimes.

The report says Mr Holder ignored the recommendations of more junior staff to prosecute HSBC because of the bank’s “systemic importance” to the financial markets.

And he was rewarded handsomely for doing so. See: Cronyism Pays – Eric “Too Big to Jail” Holder Triumphantly Returns to His Prior Corporate Law Firm Job

“Rather than lacking adequate evidence to prove HSBC’s criminal conduct, internal Treasury documents show that DOJ [Department of Justice] leadership declined to pursue [the] recommendation to prosecute HSBC because senior DOJ leaders were concerned that prosecuting the bank ‘could result in a global financial disaster’,” the report said.

Testifying before Congress in 2013 Mr Holder said the size of some financial institutions can make it difficult to bring criminal charges. 

He later tried to clarify those remarks telling congress, “If we find a bank or a financial institution that has done something wrong, if we can prove it beyond a reasonable doubt, those cases will be brought.”

Congress’ report deemed these comments to be misleading in light of emails from Treasury Department staff that recommended criminal charges.

The settlement allowed the bank to avoid pleading guilty to any wrongdoing and no officials from the bank were even charged. 

If HSBC had been proven guilty of criminal action it could have lost its banking charter in the US. 

HSBC and US regulators declined to comment on the report.

Of course, there’s no better way to end this post than with the following:

Thanks for playin’ America.

For related articles, see:

Must Watch Video – “The Veneer of Justice in a Kingdom of Crime”

“What Difference Does It Make” – Thoughts on the Non-Indictment of Hillary Clinton

The U.S. Department of Justice Handles Banker Criminals Like Juvenile Offenders…Literally

Even Washington D.C. Insiders Admit Eric Holder is a Bankster Puppet

Meet Loretta Lynch – Obama’s Attorney General Nominee Who Might be Even Worse than Eric Holder

In Liberty,
Michael Krieger

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2 thoughts on “New Evidence Proves HSBC Avoided Criminal Prosecution Due to “Market Risk””

  1. Mike: see this – should ring a bell on Eric Holder- in the Clinton Administration- He was corrupt back then. A bought and paid for hack- he was promoted for helping Marc Rich!!
    al

    Reply
  2. Eric Holder is the biggest imbecile I’ve ever seen. This is EXACTLY the kind of guy they put in place in these positions to make sure the criminals and their racketeering are protected. This guy, like Bush Jr., like seedy Gonzalez are all the same. Total dumb ass puppets. Fuck them. Fuck the BS system. All this is going to change whether they like it or not.

    Reply

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