HSBC, big bank corporation is charged with a $1.9 billion fine that protects bank executives from serving time. The bank processed cash for Mexico’s Sinaloa cartel, regarded as the most powerful and deadly drug gang in the world, among others. At least $881m in drug trafficking money was laundered throughout HSBC accounts. HSBC also opened the doors at some branches to allow tellers to accept larger boxes of money without question.
The HSBC fine may sound large, even if they are overflowing in money causing death; they are in direct violation of American foreign policy. Department of Justice officials touted the $1.9 billion fine HSBC would pay, the largest ever for such a case. The sum represents about four weeks’ earnings given the bank’s pre-tax profits of $21 billion last year.
No bank executives were prosecuted for this laundering case. Most of the dead are not narco-traffickers, but Mexican civilians caught in the crossfire of the hyper-violence unleashed by an alleged drug war that ignites killing and crime rather than reducing it.
Article Name: “HSBC: Big Bank Executives Not Prosecuted for Narco Blood Money Laundering as Tens of Thousands Die”, Truthout, December 12, 2012.
Author: Mark Karlin
Student Researcher: Jovani Carrillo, Sonoma State University
Faculty Evaluator: Shelia Katz, Sonoma State University