This Is Called 'Justice'
US officials refused to prosecute HSBC for money laundering in 2012 because of concerns within the Department of Justice that it would cause a "global financial disaster", a report says.
A US Congressional report revealed UK officials, including Chancellor George Osborne, added to pressure by warning the US it could lead to market turmoil.
The report alleges the UK "hampered" the probe and "influenced" the outcome.
HSBC was accused of letting drug cartels use US banks to launder funds.
The bank, which has its headquarters in London, paid a $1.92bn settlement but did not face criminal charges . No top officials at HSBC faced any charges.
The report says: "George Osborne, Chancellor of the Exchequer, the UK's chief financial minister, intervened in the HSBC matter by sending a letter to Federal Reserve Chairman Ben Bernanke... to express the UK's concerns regarding US enforcement actions against British banks."
The letter said that prosecuting HSBC could have "very serious implications for financial and economic stability, particularly in Europe and Asia".
So, if you have enough money you go unharmed. What a joke this world has become!
If you could clear that to WT .......... take three years ........ put a thing in his mind ..........
Reality of this world is that ALL countries do hat is best for their citizens / goals
FED has scrapped BCCI an international bank operating in 84 countries in 1992, on the same grounds, inflicting huge losses to the BCCI depositors.
Both US and UK had then joined their hands to ban that bank, mainly because that was founded and being operated by Agha Hassan Abidi, a world renowned banker from Pakistan.
For sure they have double standards to handle such issues.
At the end of the day, politics and expediency wins out
We already know that you support criminals, MM. Thanks for confirming that again.
Mistakes & errors do happen my pal .............
WT, The settlement is done already, so why this news even ......... when there was not any issue which is not resolved so ........ what now ..........look $1.92bn settlement is done ...........