Neil Barofsky has a must-read piece in The New Republic: Too Big to Jail?
Some perspective: HSBC sent more than $800 million in bulk cash from Mexico to the United States, a good chunk of which apparently represented proceeds from some of the most notorious Colombian drug cartels. As someone who tried the first narcotics money laundering case involving extradition from Colombia, let me assure you that this is a lot of money, the discovery of which usually generates vigorous prosecutions and lengthy prison sentences. And it wasn’t HSBC’s only dirty business: There were also hundreds of millions of more dollars of illegally disguised transactions with rogue nations such as Iran and Sudan.
Why no criminal charges?
But read the whole thing.
Anyone who thinks both the Democratic and Republican parties in America are not in the pockets of the banking industry and Wall Street is fooling themselves.