“They violated every ***damn law in the book,” says Jack Blum, an attorney and former Senate investigator who headed a major bribery investigation against Lockheed in the 1970s that led to the passage of the Foreign Corrupt Practices Act.
“They took every imaginable form of illegal and illicit business.”
That nobody from the bank went to jail or paid a dollar in individual fines is nothing new in this era of financial crisis. What is different about this settlement is that the Justice Department, for the first time, admitted why it decided to go soft on this particular kind of criminal.
It was worried that anything more than a wrist slap for HSBC might undermine the world economy. “Had the U.S. authorities decided to press criminal charges,” said Assistant Attorney General Lanny Breuer at a press conference to announce the settlement, “HSBC would almost certainly have lost its banking license in the U.S., the future of the institution would have been under threat and the entire banking system would have been destabilized.”
China Executes Banksters
Ending the Welfare for the Wealthy and Odious Debt for the Poor
Abolish the Socialization of Risk and the Privatization of Reward.
Reclaiming Personal Sovereignty and Liberty for the People of Earth.
The Criminal Global Financial System is Kaput.
“Re-Architecturing of the Global Financial System is Happening Right Now”
“TIME To Reset This Sucker” – Max Keiser
Yesterday, I was thinking about this old lecture from the momentous days of the “Occupy Wall Street” events of 2011:
Monoculture Causes structural Instability
The ongoing financial crisis is the biggest, but not the first.
Since 1970 the IMF has identified:
- 145 banking crashes
- 204 monetary collapses
- 72 sovereign debt crises
The problem is systemic and fundamental…
U.K. Orders WSJ To Withold Names Of Implicated LIBOR Manipulators After Story Already Hits Wires!
As many as 24 brokers and traders may be investigated as co-conspirators in the LIBOR scandal.
Hmm… traders and brokers that once worked with Citigroup, UBS, HSBC, and other global financial firms.
Here are a few names to archive:
Tom Hayes, James Gilmour and Terry Farr… Interestingly Michael Pieri has been fired by UBS and moved to Australia.
Also archive these names: Mirhat Alykulov, Christopher Cecere (resigned from Citigroup’s Toyo operations), Luke Madden (HSBC Holdings), Paul Glands (JPMorgan Chase), and Paul Robson (left Rabobank).
Read: WSJ Ordered Not to Divulge Libor Names
and Read the Court Order: http://online.wsj.com/public/resources/documents/injunction20131017.pdf