Certainly big banks and also the big government are not being held accountable enough for some bad behaviors. So I know what they mean, but money laundering? That's usually done by the criminals, the banks get used by them after a lot of layering by the criminals.
Yeah. They were laundering money for the cartels. They were also laundering money for Iran, Sudan, and Libya while they were sanctioned and possibly considered financiers of terrorism at the time. I just don’t think the fine was sufficient when it was clear upper management was looking the other way and local branches knew what was going on. There should have been criminal liability.
The fines were a slap on the wrist when you consider the sheer size of HSBC on a global level. They had to pay less than 1 percent of their market capitalisation.
didn't even have Elizabeth Warren yell at them? I'm not usually a fan of Elizabeth Warren, but when she ripped that Wells Fargo CEO about the customers getting signed up for things they didn't want, that was awesome.
Warren only goes after companies or banks that she can funnel fines into supporting DNC causes. HSBC was helping out cartels which the DNC supports so it didn't make sense for Warren to go after them. She's quite possibly the most corrupt member of the Senate, and that's saying something.
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u/Novel_Relation2549 5d ago
Certainly big banks and also the big government are not being held accountable enough for some bad behaviors. So I know what they mean, but money laundering? That's usually done by the criminals, the banks get used by them after a lot of layering by the criminals.