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HomeTaibbi on HSBC: Blood Money
Posted by Larry Doyle on February 15th, 2013 7:22 AM |
There are few writers today who hit as hard as Rolling Stones’ Matt Taibbi. That is a good thing for those who actually care about free market capitalism, let alone a sense of moral decency.
Two months ago, the European based bank HSBC was hit with a $1.9 BILLION fine for allowing — if not promoting — its operations to be used as little more than a laundromat by a host of very unsavory characters for a protracted period. Huge story, right? RIGHT!
Where are the major media outlets to dig in, unearth the dirt, clean out the residue in this laundromat, and bring the unbridled truth to the public? I will tell you where the media is: in the tank.
Leave it to Taibbi to make the contacts and expose the dirt, the grime, and the blood that was (is?) HSBC. In a Sense on Cents classic, Taibbi writes>>>>>>>>> (more…)
HSBC Money Laundering Scandal: More Racketeering
Posted by Larry Doyle on December 11th, 2012 8:42 AM |
Can you imagine if those involved in organized rackets including prostitution, drug dealing, human trafficking and the like were able to resolve their criminal activities by merely paying a fine?
What do you think their response would be? Do you think they would take a vow of chastity and then look to engage in upstanding business? Of course not. They would think “how the hell do we get that money back?”
Human nature being what it is, are we to believe that simply because executives of a banking institution issue a few mea culpas, accept some tough language, clawback some individual compensation, and profess to clean up their act BUT FACE NO INDIVIDUAL PROSECUTIONS might really change their stripes? Or are they inclined to think, “how the hell do we get that money back?” (more…)
