HSBC Bank of Britain Found Guilty of Laundering Billions for Drug Cartels, Gets Fined 5 Weeks Worth of Profits, No Jail Time for Responsible Parties

HSBC Bank of Britain Found Guilty of Laundering Billions for Drug Cartels, Gets Fined 5 Weeks Worth of Profits, No Jail Time for Responsible Parties

” 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…in addition, executives had their bonuses partially deferred.”

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