Socialism Art Nature

Have dark skin and sell an ounce of crack? Go to jail for years. Have white skin, own a bank, and knowingly move billions of dollars in cocaine money in cahoots with prominent drug kingpins? The government will give you no more than a slap on the wrist so as to “protect the financial system”:

"Federal and state authorities have chosen not to indict HSBC, the London-based bank, on charges of vast and prolonged money laundering, for fear that criminal prosecution would topple the bank and, in the process, endanger the financial system."

===

If you’ve ever been arrested on a drug charge, if you’ve ever spent even a day in jail for having a stem of marijuana in your pocket or “drug paraphernalia” in your gym bag, Assistant Attorney General and longtime Bill Clinton pal Lanny Breuer has a message for you: Bite me.

Breuer this week signed off on a settlement deal with the British banking giant HSBC that is the ultimate insult to every ordinary person who’s ever had his life altered by a narcotics charge. Despite the fact that HSBC admitted to laundering billions of dollars for Colombian and Mexican drug cartels (among others) and violating a host of important banking laws (from the Bank Secrecy Act to the Trading With the Enemy Act), Breuer and his Justice Department elected not to pursue criminal prosecutions of the bank, opting instead for a "record" financial settlement of $1.9 billion, which as one analyst noted is about five weeks of income for the bank.

Though this was not stated explicitly, the government’s rationale in not pursuing criminal prosecutions against the bank was apparently rooted in concerns that putting executives from a “systemically important institution” in jail for drug laundering would threaten the stability of the financial system. The New York Times put it this way:

Federal and state authorities have chosen not to indict HSBC, the London-based bank, on charges of vast and prolonged money laundering, for fear that criminal prosecution would topple the bank and, in the process, endanger the financial system.

It doesn’t take a genius to see that the reasoning here is beyond flawed.


Share/Bookmark
  1. ldsocrates reblogged this from unrepentantauthor
  2. unrepentantauthor reblogged this from phdinbadbitchology
  3. playgroundsandcigars reblogged this from itsbeartime
  4. itsbeartime reblogged this from stopcallingmebitch
  5. teantacles reblogged this from necrobob
  6. necrobob reblogged this from teantacles
  7. anindiscriminatecollection reblogged this from hairtrending
  8. barondavisneckbeard reblogged this from vagabondaesthetics
  9. misanthropicmotherfucker reblogged this from lostgrrrls
  10. lostgrrrls reblogged this from cultureofresistance
  11. iwalkliketommypickles reblogged this from cultureofresistance
  12. mcfandrew reblogged this from atman-is-brahman
  13. jacobjangelo reblogged this from resmc
  14. alienaristocrat reblogged this from resmc
  15. warmgrey60 reblogged this from resmc
  16. resmc reblogged this from hexgoddess
  17. thempress reblogged this from thebreezecool
  18. blacksentai reblogged this from cheetosjapalenos
  19. ljmtheecstatic reblogged this from vagabondaesthetics
  20. madnesshero reblogged this from skepticamongthefaithful
  21. echoofcosmicserenity reblogged this from skepticamongthefaithful
  22. ohtobeoriginal reblogged this from mickyalexander
  23. promethean-fires reblogged this from jo-robsbanks
  24. sasqueer reblogged this from mickyalexander
  25. al-equis-checo reblogged this from bad-dominicana and added:
    So this is justice?
  26. meddiv reblogged this from alwaysfaithfulterriblelizard
  27. hairtrending reblogged this from darkjez
  28. nonamenoslogan reblogged this from brokewhorerecords
Blog comments powered by Disqus