According to an in-depth report by a Senate Subcommittee released last July, the mega-bank, HSBC harbored a “pervasively polluted” culture which enabled its employees to help clients move drug-money from locations, including Mexico, Iran, Saudi Arabia and Syria without detection for years. The investigation concluded that the money likely funded terrorist activity.
At a recent hearing, liberal watchdog Sen. Elizabeth Warren inquired as to what it would take for the bankers who were involved in laundering billions for drug cartels to have to do more than just pay a fine. After all, she pointed out, a person in possession of cocaine would probably have to do prison time–so why not the shady bankers who helped get the drugs into their hands?
Elizabeth Warren asked,
HSBC paid a fine, but no one individual went to trial, no individual was banned from banking, and there was no hearing to consider shutting down HSBC’s activities here in the United States. So, what I’d like is, you’re the experts on money laundering. I’d like an opinion. What does it take, how many billions do you have to launder for drug lords and how many economic sanctions do you have to violate, before someone will consider shutting down a financial institution like this?
They never really answered her question.
Watch the stunning video here, courtesy of Elizabeth Warren’s YouTube channel: