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Elizabeth Warren: what would it take to shut down a big bank

submitted by radx

1 decade 1 year 8 months 3 weeks ago

HSBC admitted in court late last year that it helped launder $881 million for Mexican and Colombian drug cartels, along with continually violating sanctions on Iran, Libya, Burma and the Sudan. Though the bank paid a $1.2 billion fine, not one bank employee has faced criminal charges related to the trafficking.

The London-based bank is still operating in the United States.

In a hearing entitled “Patterns of Abuse: Assessing Bank Secrecy Act Compliance and Enforcement,” Warren continually asked Treasury officials a version of the same question: “How many billions of dollars do you have to launder for drug lords and how many sanctions do you have to violate before someone will consider shutting down a financial institution like this? -- TNM