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Too Big to Jail: Inside HSBC, the Mexican Drug Cartels and the Greatest Banking Scandal of the Century

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Bradley, Christine; Craig, Valentine V. (2007). "Privatizing Deposit Insurance: Results of the 2006 FDIC Study" (PDF). FDIC Quarterly. Vol.1, no.2. pp.23–32. It is not that prosecutors are not attempting to take on major financial institutions and large companies. In fact, the last decade has seen prosecutors attempt to prosecute some of the nation’s largest powerhouses such as: AIG, Google, Halliburton, HSBC, JPMorgan, KPMG, Merrill Lynch, and Pfizer. It is Garrett’s study of their case outcomes that is sometimes disconcerting. Few of those individuals were innocent bystanders. Gerald Shur, who founded the Witness Protection Program, estimated that 95% of those who entered it were themselves criminals. By the late 1990s, when Roschacher and Mazzilli were pumping Ramos for information, America’s reliance on informants was extensive. As one veteran ( DEA) agent said, “informers are running today’s drug investigations, not the agents.”

In the summer of 1998 the Swiss authorities announced that they were confiscating Salinas’s money. Roschacher and his team were lauded by the international press. “They’re like the mouse that roared,” a former senior American law-enforcement official told the New York Times. “They just kept going.” Two years later, the Salinas case was cited in Roschacher’s promotion to attorney-general of Switzerland. Conover, Charles (1984). "Testimony". Inquiry Into the Continental Illinois Corp. and Continental National Bank: Hearing Before the Subcommittee on Financial Institutions Supervision, Regulation, and Insurance of the Committee on Banking, Finance, and Urban Affairs. U.S. House of Representatives, 98th Congress, 2nd Session, September 18–19 and October 4. pp.98–111. April 03, 2019 Senator Warren Unveils Bill to Expand Criminal Liability to Negligent Executives of Giant Corporations She Also Reintroduces the Ending Too Big to Jail Act to Hold Wall Street Executives Criminally Accountable

José Manuel Ramos sold his first bag of cocaine in 1979. Unfortunately for him, it was to an undercover cop and he was sentenced to two and a half years in prison

Economist Simon Johnson has advocated both increased regulation as well as breaking up the larger banks, not only to protect the financial system but to reduce the political power of the largest banks. [38] [57] [67] Government officials [ edit ] Kareem Serageldin pleaded guilty on November 22, 2013, for his role in inflating the value of mortgage bonds as the housing market collapsed, and was sentenced to two and a half years in prison. [53] [54] As of April 30, 2014, Serageldin remains the "only Wall Street executive prosecuted as a result of the financial crisis" that triggered the Great Recession. [55] The much smaller Abacus Federal Savings Bank was prosecuted (but exonerated after a jury trial) for selling fraudulent mortgages to Fannie Mae. This concentration continued despite the subprime mortgage crisis and its aftermath. During March 2008, JP Morgan Chase acquired investment bank Bear Stearns. Bank of America acquired investment bank Merrill Lynch in September 2008. Wells Fargo acquired Wachovia in January 2009. Investment banks Goldman Sachs and Morgan Stanley obtained depository bank holding company charters, which gave them access to additional Federal Reserve credit lines. [22]

Having the US government act specially to protect the most powerful factions, particularly banks, was a major impetus that sent people into the streets protesting both as part of the early Tea Party movement as well as the Occupy movement. As well as it should: it is truly difficult to imagine corruption and lawlessness more extreme than having the government explicitly place the most powerful factions above the rule of law even as it continues to subject everyone else to disgracefully harsh "justice". If this HSBC gift makes more manifest this radical corruption, then it will at least have achieved some good. UPDATE I remember my mom crying out and asking the Lord why,' said Ms. George, now 42, in an interview at the Federal Correctional Institution in Tallahassee. 'Sometimes I still can't believe myself it could happen in America.'"

Kaufman, George G. (1990). "Are Some Banks Too Large to Fail? Myth and Reality". Contemporary Economic Policy. 8 (4): 1–14. doi: 10.1111/j.1465-7287.1990.tb00298.x. Headquarters of AIG, an insurance company rescued by the United States government during the subprime mortgage crisis More than fifty notable economists, financial experts, bankers, finance industry groups, and banks themselves have called for breaking up large banks into smaller institutions. [56] [ bettersourceneeded] (See also Divestment.) Ramos himself kept on grifting. When he returned to Colombia he became involved in a scheme selling worthless Chinese bonds. But he was a shadow of his former self. A few years ago, Manciagli, Ramos’s lawyer, met Ramos and some of his associates in a coffee shop in Bogotá. “He was telling me all this stuff: ‘By the end of the year we should have four, five million dollars.’ It was another one of these ‘we’re about to be billionaires’ schemes.”

UK prepares new law to break up errant banks". Reuters. February 4, 2013 . Retrieved November 15, 2019. Lord Sikka is an emeritus professor of accounting at the University of Essex and the University of SheffieldWhy was it all legal? Because these same financial houses could translate their great economic power into political power to make the rules. Instead of heeding the urgent warnings of a few prophetic and marginal voices such as Brooksley Born, then the chair of the Commodity Futures Trading Commission, the Clinton administration forced Born out of office and in 2000 further deregulated credit derivatives, stimulating more abuses. A key architect of this deregulation was Clinton’s chief economic policy aide, Robert Rubin, who personally benefited from these weakened rules when he returned to Wall Street shortly after leaving public office.

This two-tiered justice system was the subject of my last book, "With Liberty and Justice for Some", and what was most striking to me as I traced the recent history of this phenomenon is how explicit it has become. Obviously, those with money and power always enjoyed substantial advantages in the US justice system, but lip service was at least always paid to the core precept of the rule of law: that - regardless of power, position and prestige - all stand equal before the blindness of Lady Justice. It creates an uneven playing field between big and small firms. "This unfair competition, together with the incentive to grow that too-big-to-fail provides, increases risk and artificially raises the market share of too-big-to-fail firms, to the detriment of economic efficiency as well as financial stability." The American criminal system has taught informants that if you can come up with information, we will excuse your criminality” In the end, all that has really occurred is that the government has acted as the insurer of last resort to the financial institutions that the government were supposed to oversee, but for unknown reasons were unable. He was not the only casualty. In June 2006 Weltwoche, a Swiss weekly newspaper, revealed that Roschacher had based his case on the claims of a former drug lord who had lived it up on the Swiss taxpayer’s dime. The Swiss minister of justice immediately opened an investigation into Roschacher, who resigned a month later. Handelszeitung, a business weekly, called it “the biggest judicial scandal of recent times”.

Needless to say, these are the kinds of crimes for which ordinary and powerless people are prosecuted and imprisoned with the greatest aggression possible. If you're Muslim and your conduct gets anywhere near helping a terrorist group, even by accident, you're going to prison for a long, long time. In fact, powerless, obscure, low-level employees are routinely sentenced to long prison terms for engaging in relatively petty money laundering schemes, unrelated to terrorism, and on a scale that is a tiny fraction of what HSBC and its senior officials are alleged to have done.

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