From CBC news item
"'We accept responsibility'"We accept responsibility for our past mistakes," said HSBC Chief Executive Stuart Gulliver. "We have said we are profoundly sorry for them, and we do so again."
Some legal experts slammed the deal for being too soft on the bank and the individuals responsible for the alleged money-laundering.
Jimmy Gurule, a former assistant U.S. Attorney General and currently a law professor at the University of Notre Dame, said the settlement made a "mockery" of the criminal justice system.
"The message sent by the U.S. Department of Justice is that if you are going to engage in large-scale money laundering for Mexican drug cartels, make sure and do it within the scope of your employment working for a bank because you won't be prosecuted regardless of the egregious nature of your criminal conduct," he said.
A U.S. law enforcement official said the sum HSBC was paying would include $1.25 billion in forfeiture — the largest ever in a case involving a bank — and $655 million in civil penalties.
Under what is known as a deferred prosecution agreement, the financial institution will be accused of violating the Bank Secrecy Act and the Trading With the Enemy Act, the official said. The source spoke only on condition of anonymity because officials were not authorized to speak about the matter on the record."
What a load of crap. If you steal a loaf of bread in california - you end up in jail.
The magnitude of these felonious actions boggles the imagination.
Max Keiser is correct in his assertions and histrionics.