There’s a reason top executives haven’t gone to jail for engineering the worst financial crisis since the Great Depression. Some bankers are just too big to convict. The latest example came Tuesday with British global banking giant HSBC’s agreement to pay a record $1.9 billion – about six weeks’ worth of the bank’s profits - to settle money-laundering charges with U.S. prosecutors. The deal ends a three-year probe into accusations of a widespread, multi-year string of illegal transactions violating sanctions against Iran and Latin American drug lords. Read more: Too big to fail means too big for jail - Business on NBCNews.com
Tuesday, January 1, 2013
Too big to fail means too big for jail - Business on NBCNews.com
There’s a reason top executives haven’t gone to jail for engineering the worst financial crisis since the Great Depression. Some bankers are just too big to convict. The latest example came Tuesday with British global banking giant HSBC’s agreement to pay a record $1.9 billion – about six weeks’ worth of the bank’s profits - to settle money-laundering charges with U.S. prosecutors. The deal ends a three-year probe into accusations of a widespread, multi-year string of illegal transactions violating sanctions against Iran and Latin American drug lords. Read more: Too big to fail means too big for jail - Business on NBCNews.com
