Sen. Warren: Banks That Launder Drug Cash Should Be Busted

[Unknown Beatle]

Source: Crooks and Liars

Sen. Elizabeth Warren unloaded on bank regulators Thursday about the fact that British bank HSBC is still doing business in the U.S., with no criminal charges filed against it, despite confessing to what one regulator called "egregious" money laundering violations.

Her comments came just a day after the attorney general of the United States confessed that some banks are so big and important that they are essentially above the law. His Justice Department's failure to bring any criminal charges against HSBC or its employees is Exhibit A of that problem.

During a Senate Banking Committee hearing about money laundering, Warren (D-Mass.) grilled officials from the Treasury Department, Federal Reserve and Office of the Comptroller of the Currency about why HSBC, which recently paid $1.9 billion to settle money laundering charges, wasn't criminally prosecuted and shut down in the U.S. Nor were any individuals from HSBC charged with any crimes, despite the bank confessing to laundering billions of dollars for Mexican drug cartels and rogue regimes like Iran and Libya over several years.

Defenders of the Justice Department say that a criminal conviction could have been a death penalty for the bank, causing widespread damage to the economy. Warren wanted to know why the death penalty wasn't warranted in this case.

"They did it over and over and over again across a period of years. And they were caught doing it, warned not to do it and kept right on doing it, and evidently making profits doing it," Warren said of HSBC. "How many billions of dollars do you have to launder for drug lords and how many economic sanctions do you have to violate before someone will consider shutting down a financial institution like this?"

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[The Magistrate]

1. She Is Absolutely Right, Sir: Without Hesitation And Without Mercy

[appal_jack]

7. Yes! Now, let's take the conversation further.

Yes! Now, let's take the conversation further. Senator Warren did exactly the right thing in asking why banks are above the current law. That opens the door for us citizens to ask all our representatives to reconsider the failed War on (some) Drugs entirely.

It's no surprise that with the money to be made from illegal drugs, that banks would get their hands dirty with it. Do I wish that they were treated like common criminals? Maybe for the moment (it is the law after all), but I'd rather see the laws change to comport themselves better with reality and the rights we all (should) have as citizens. Now is way past time to treat addiction as a public health problem, and remove the issue of drugs from the criminal justice system entirely. Tax, regulate, and educate about all substances, much as we do alcohol & tobacco at present. The reduction in harm would be substantial. The elimination of costs that drugs impose on over-full jails and an over-burdened 'justice' system enormous. And the regaining of rights lost by Americans in the name of a mythical 'drug-free' society would be outstanding.

Senator Warren did her part in her role overseeing the banks, and she did it well. Now, let's open the door for more progress, and real equality before better laws in the future.

-app

[The Magistrate]

8. I Agree, Sir, That At The User Level, The Criminal Justice System Is A Poor Tool Indeed

It is questionable, though, whether legalization would do as much to remove the criminal enterprises which profit so at present from drugs as many suppose. Prohibitions do indeed feed organized crime, but subsequent legalizations do not seem to diminish it, but rather drive the now enlarged organizations into new fields, and greater industry in older ones. In our alcohol prohibition, the gangs shifted to labor racketeering, control of various services such as vending machines and industrial laundries, and systematic hijacking ( as well, certainly, into narcotics ), and greatly expanded their older protection and gambling activities. The Mexican cartels are already branching out into smuggling immigrants, and 'taxing' business enterprises, and doubtless a good deal more. Legalization will not remove them, or their influence.

Treating their 'respectable' accomplices like so many low-rent accomplices to murder, which is exactly what they are, could put a serious crimp in their activities, by significantly reducing their profits, and their ability to enjoy their profits.

[msongs]

2. she better be watching out for drones nt

[Wounded Bear]

3. How can something so simple and obvious seem so profound?

Go Sen Warren!

These are questions that need to be posed, again and again, to expose those covering for the banksters.

[CubicleGuy]

16. The only problem with her questions is...

... all of those who have the power in Congress to do something about it will just assume they're "rhetorical questions", and are not meant elicit any actual response on the part of those who SHOULD be punishing these banks and bankers.

[denverbill]

4. Yes, and if I sell a $10,000 car to a drug dealer for cash, I'd go to jail for damn sure.

Or if I donated $100 to a Muslim charity that gave money to Hezbollah, etc.


Not saying I would do either of those things, btw, but the point is the bank was aiding Iran and the drug cartels and pocketing hundreds of millions in profits. I'd go to jail for way, way less.

[Puzzledtraveller]

5. Time to hire body guards.

She doesn't lack courage that's for certain.

[Zorra]

6. I LOVE her. Draft Elizabeth Warren For President 2016!!! No one else need apply,

She is The One.

OMG, she is just sooo awesome!!!

[rhett o rick]

9. While the liberals love Senator Warren, you should notice that right here in RiverCityDU

that the centrists, The Third Way, Conservative-Dems, or New Dems, whatever they wish to be called, do not jump into these threads and exclaim their loyalty to her. They want someone more conservative.

[Plucketeer]

15. The shame of her quest

is that she's one of a tiny few who've EVER (in the span of my recollections, anyway) asked questions with such an un-dulled edge. It's SO REFRESHING to listen to her get straight to the point of the when, where, why and who of what's obviously criminal behavior - while NOT being deterred by the obfuscation of those trying desperately to cover their own vulnerable asses!

[BuelahWitch]

10. I guess the War on Drugs doesn't go that far, eh?

I wish she were my Senator!

[rhett o rick]

11. The drug cartels are still making billions of dollars. Who is currently being their bank?

We shouldnt stop with HSBC. I bet all the major banks are involved. They certainly wouldnt let esthetics stand between them and profit.

[Autumn]

12. I really wish Obama would take her out to dinner, and really listen to her.

K/R

[WillyT]

13. Damn, Unknown... I Did A Search And Didn't See This...

[Unknown Beatle]

14. I did a search too, WillyT,

and didn't see it either. Go figure.