No criminal charges for HSBC after laundering money for al-queda

[omgmewmewcat]

Hey,

I've just seen this video:
http://www.youtube.com/watch?v=maqSF...0ZjYjQ&index=9

What happens in the video:
Explanation of what HSBC did (laundering money for drug lords and terrorists), and explanation of their punishment: A mere $1,9 billion fine (after having established their 20 billion profit).

I'd like to know what you guys think about this? Why does HSBC not get criminal charges against them for this? Is there a simple reason, or is this just a profound sickness in the US government's decisions?

EDIT:

For those who don't want to watch the video, this fact is important for you to know: About 10 years ago, a woman was sentenced to LIFE because her ex-boyfriend hid 40 dollars worth of cocaine in her basement. HSBC had 60 TRILLION dollars of suspicious activity with drug lords and terrorists, and got NO criminal charges whatsoever. Where is justice?

[jbhasban]

criminal charges against companies are kinda pointless.

[Theodon]

Trying to fight corruption in banks is pointless. It would take a full-scale revolution to even shake the control banks have on just about everything, so they will keep on pulling such crap and getting away with it. I simply think that, in todays world, money is power, and banks control it all in the end. The more they get away with, the worse things they'll do because it's human nature to be greedy.

[Deleted]

There is no justice in the corporate world.

[slime]

America is run by corporations not their government. The government is a figurehead no more.

[semaphore]

criminal charges against companies are kinda pointless.

But corporations are people. Why is criminal charges against people pointless???

In all seriousness the directors should have faced charges in my opinion. Financial institutions shouldn't be allowed to conduct crimes despite repeated warnings, and then hide behind (relative to their profits) small fines. The people responsible ought to take personal responsibly. Didn't HSBC's stocks closed up or something? Goes to show how insignificant the punishment ultimately is.

[Roose]

It is a real shame. We have shown that as long as you make enough money from your criminal activities you can buy your way out of prison time.

The radical side of me thinks that our leaders are in the pockets of the cartels and banks (realistic side imo).

The real problem is that people just don't give a shit. Why should these banks stop pillaging? It has been shown after the collapse that people either do not understand what happened well enough to be upset, or they simply do not care. No prosecutions for the main culprits, and no popular outcry for justice.

As much as the access to information has increased, so have the amount of distractions. Why dwell on how bad you are getting screwed when you can pull out your ipad and play Angry Birds.

[Netherspark]

I'm pretty sure HSBC isn't even under american jurisdiction, or bound by their trade laws.

You also have no clue of the details. There was nothing "sinister" here, no intentional laundering. It was just regulators being lax. I can guarantee you that there isn't a single bank in the world that hasn't been used by unscrupulous people.

[Butler to Baby Sloths]

I'm pretty sure HSBC isn't even under american jurisdiction, or bound by their trade laws.

You also have no clue of the details. There was nothing "sinister" here, no intentional laundering. It was just regulators being lax. I can guarantee you that there isn't a single bank in the world that hasn't been used by unscrupulous people.

HSBC is bound by the laws of the countries they trade in.