HSBC's $1.9bn money laundering settlement approved by US judge - Crimes pays and pays good.

[rhett o rick]

HSBC's record $1.9bn settlement with the US to resolve charges it enabled Latin American drug cartels to launder billions of dollars has been approved in court.

http://www.guardian.co.uk/business/2013/jul/03/hsbc-money-laundering-settlement-approved

First of all there were no criminal charges brought. Crime at that level is "just business". Also, my guess is that the fine is a small fraction of what HSBC earned from the illegal deals. Looks like a great business decision.

Second, it seems naive to me to think that only HSBC is the only bank doing this.

Third, who is doing the laundry now?

Why was HSBC singled out for investigation and prosecution? Did they miss a payment?

[Enrique]

1. not just drug cartels

actual terrorists.

We kill people and imprison people in our drug wars and terror wars, but when it's the banks we don't even prosecute them.

I like the line in this story about how they could prosecute the banks if they don't live up to the terms of the agreement. But our DOJ just said they CAN'T prosecute the banks, because of the impact to the economy. Does anyone think the banks didn't hear them say that?

[Romulus Quirinus]

3. But the important thing is that they went through channels! nt

[rhett o rick]

5. Good point. Which bank holds the bin Ladin fortune? nm

[Vinnie From Indy]

2. Damn! It feels good to be a banksta!

It is simply beyond comprehension how nobody at this bank was brought up on criminal charges. This is an "in your face" example of the corruption of our political and judicial system.

Why wouldn't bankers keep doing these things? It is an extremely profitable venture with hardly any downside.

[rhett o rick]

4. Crime at that level is considered just business, unless you steal from the Oligarchs. nm

[Vinnie From Indy]

6. K&R

This really deserves to be seen on greatest page!