William K. Black | Why Did Obama and Cameron Save a Criminal Enterprise Like HSBC?


Why Did Obama and Cameron Save a Criminal Enterprise Like HSBC?

Why is HSBC still in operation? On the same day (December 10, 2012) that the Barack Obama administration leaked the story of the HSBC settlement, a story ran in the New York Times that was full of self-praise by the Obama and David Cameron (U.K.) governments for their “cooperative approach” to cracking down on systemically dangerous institutions (SDIs). SDIs are treated as “too big to fail” because they pose a global systemic risk when they fail. The HSBC settlement puts the lie to the Obama/Cameron crack-down on the SDIs for it revealed a disgrace — Obama and Cameron treat the SDIs as too big to prosecute. Indeed, HSBC demonstrates that the SDIs’ senior officers are treated by Obama and Cameron as too elite to prosecute. The propaganda meme of the NYT story — that the SDIs would never again be given special favors due to reforms being adopted by Obama and Cameron — lasted four hours before it was destroyed by the disgraceful reality of the Obama and Cameron governments’ refusal to prosecute HSBC and its officers for their tens of thousands of felonies.

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3 Responses to “William K. Black | Why Did Obama and Cameron Save a Criminal Enterprise Like HSBC?”
  1. Herman Vergara says:

    I think: It’s an outrage HSBC Bank USA hasn’t had its U.S. banking licenses revoked for “Money Laundering” around the world. Bank crime shouldn’t pay. (HSBC Bank it’s a: “CRIMINAL ENTERPRISE”). http://www.telegraph.co.uk/

  2. Sarah says:

    Too “important” to prosecute. Amazing crimes were committed yet not one executive is held personally to account. Let’s think about this for a moment: drug cartels, Al Qaeda. Who is running the Government?

    • pam28971 says:

      I believe Ms.Sarah that your are entirely accurate in your view of who is running what.In the next few years more Americans will have thier eyes opened as to what is going on and why.Follow the money and history and you will see this is not the first time this has been done.

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