If HSBC were a person, it’d be in jail

If HSBC were a person, it’d be in jail

The U.S. Justice Department is shocked, simply shocked by recent press reports that the megabank HSBC aided Americans in evading taxes.

But, here is what really is shocking: DOJ has known about the tax-evasion allegations for nearly five years.

And DOJ took no action against HSBC even as it prosecuted bank customers for their part in the same schemes.

This rank unfairness by the folks at the place called Justice was compounded three years ago after the feds caught HSBC laundering $881 million in drug cartel money and actively concealing illegal dealings with Iran and North Korea.

A money-laundering investigation as big as the bank itself ended with a deferred prosecution agreement that allowed HSBC to escape criminal charges and suffer only a fine.

This while the DOJ was jailing non-bankers by the dozen for laundering drug money, including cash from the Sinaloa cartel, which had been a prime HSBC co-conspirator.

 

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