Elizabeth Warren: Banks Get Wrist Slaps While Drug Dealers Get Jail (2013)
Sen. Elizabeth Warren unloaded on bank regulators Thursday about the fact that British bank HSBC is still doing business in the U.S., with no criminal charges filed against it, despite confessing to what one regulator called egregious money laundering violations.
Her comments came just a day after the attorney general of the United States confessed that some banks are so big and important that they are essentially above the law. His Justice Departments failure to bring any criminal charges against HSBC or its employees is Exhibit A of that problem.
During a Senate Banking Committee hearing about money laundering, Warren (D-Mass.) grilled officials from the Treasury Department, Federal Reserve and Office of the Comptroller of the Currency about why HSBC, which recently paid $1.9 billion to settle money laundering charges, wasnt criminally prosecuted and shut down in the U.S. Nor were any individuals from HSBC charged with any crimes, despite the bank confessing to laundering billions of dollars for Mexican drug cartels and rogue regimes like Iran and Libya over several years.
Defenders of the Justice Department say that a criminal conviction could have been a death penalty for the bank, causing widespread damage to the economy. Warren wanted to know why the death penalty wasnt warranted in this case.
https://m.huffpost.com/us/entry/us_2830166
On Netflix there is a documentary series called Dirty Money and one of the episodes is about HSBC Money Laundering & Elizabeth Warren is featured a lot. I consider this one of Warren's highlights.