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"Too Big to Fail" Becomes "Too Big to Indict"
James Downie, Wash Post
At first glance, the British bank HSBC’s agreement to pay $1.9 billion to settle a money-laundering probe seems like very good news. It is the largest penalty ever imposed on a bank; the U.S. government accused HSBC of transferring funds “through the U.S. from Mexican drug cartels and on behalf of nations such as Iran that are under international sanctions.” Furthermore, the settlement is a “deferred-prosecution agreement,” which means that U.S. authorities can resume the case if HSBC does not strengthen internal oversight and avoid similar...http://www.realclearpolitics.com/2012/12/12/quottoo_big_to_failquot_becomes_quottoo_big_to_indictquot_297753.html
At first glance, the British bank HSBC’s agreement to pay $1.9 billion to settle a money-laundering probe seems like very good news. It is the largest penalty ever imposed on a bank; the U.S. government accused HSBC of transferring funds “through the U.S. from Mexican drug cartels and on behalf of nations such as Iran that are under international sanctions.” Furthermore, the settlement is a “deferred-prosecution agreement,” which means that U.S. authorities can resume the case if HSBC does not strengthen internal oversight and avoid similar...http://www.realclearpolitics.com/2012/12/12/quottoo_big_to_failquot_becomes_quottoo_big_to_indictquot_297753.html
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