Mass US/UK corruption over HSBC explains Trump's/populists' rise
The extraordinary complicity of the UK and US authorities in HSBC's Iran sanction busting, and money laundering for Mexican and Colombian drug cartels explains why people are turning to Trump and similar populists across the democratic world
Hence Donald Trump. That is the obvious response to today's shocking (and largely ignored) news about the decision of US authorities not to prosecute HSBC officials over money laundering for drug cartels and busting sanctions on Iran and other embargoed regimes.
A de facto fine of almost $2 billion was levied on HSBC in the form of a deal, but no-one went to prison. As you read this, imagine if you had committed offences on a scale of, say, 100th of the sums involved. What would have happened to you?
This is a very important illustration of why tens of millions of people across the democratic world are rejecting established elites. Surprised? Read on.
The BBC reported that:
"US officials refused to prosecute HSBC for money laundering in 2012 because of concerns within the Department of Justice that it would cause a "global financial disaster"...
"A US Congressional report revealed UK officials, including Chancellor George Osborne, added to pressure by warning the US it could lead to market turmoil.
"The report alleges the UK "hampered" the probe and "influenced" the outcome.
"HSBC was accused of letting drug cartels use US banks to launder funds."
The more you read, the worse it gets:
"The report also accuses former US Attorney General Eric Holder of misleading Congress about the decision.
"The report says Mr Holder ignored the recommendations of more junior staff to prosecute HSBC because of the bank's "systemic importance" to the financial markets."
And what was HSBC alleged to have done?
"The 2012 settlement with HSBC detailed how the bank violated US sanctions by conducting business for customers in Iran, Libya, Sudan, Burma and Cuba.
"HSBC accounts were also used by the Sinaloa drug cartel in Mexico and Norte del Valle cartel in Colombia to launder $881m."
The US Congressional Report concludes as follows:
"As described above, internal Treasury documents acquired by the Committee raise very serious concerns about DOJ’s DPA deal with HSBC in late 2012-- not the least of which is that DOJ declined to prosecute anyone involved in a massive breach of U.S. anti-money laundering and sanctions laws due to HSBC’s large size and “systemic importance.” A nation governed by the rule of law cannot have a two- tiered system of justice -- one for the largest banks, and another for everyone else.
"Accordingly, inasmuch as DOJ continues to believe that certain financial institutions are too large to effectively prosecute, it is imperative that DOJ promptly inform the Congress of this fact, so that Congress can seek to address the problem of “too big to jail” through its legislative function. The American people and their representatives in Congress deserve to know the truth about any difficulties that might exist in prosecuting large financial institutions and their employees who have engaged in serious criminal conduct, so that these difficulties can be properly addressed."
You don't have to be a genius to work out why people turn to the likes of Donald Trump...
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