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Bloomberg Asks Lanny Breuer: Why Are No HSBC Execs Going To Prison?

(Bloomberg) -- U.S. Assistant Attorney General Lanny Breuer, head of the Justice Department's Criminal Division, talks about HSBC Holdings Plc's agreement to pay $1.92 billion to settle U.S. probes of money laundering in the largest such accord ever.

Do not skip this.  Bloomberg interviews Breuer.

Watch the whole interview, but pay particular attention at the 2:30 mark.  Breuer is shocked by the question and admits "we don't know anything about that letter" before changing the subject.  His answer is completely ridiculous on so many painful levels (prosecutors are supposed to investigate for chrissakes), but again this is what happens when you have criminal defense attorneys from Covington & Burling running DOJ.

No word on whether Breuer gave his famous pep talk to HSBC execs on avoiding prison.

"We are frequently on the receiving end of presentations from defense counsel, CEOs, and economists who argue that the collateral consequences of an indictment would be devastating for their client.  In my conference room, over the years, I have heard sober predictions that a company or bank might fail if we indict, that innocent employees could lose their jobs, that entire industries may be affected, and even that global markets will feel the effects.  Sometimes – though, let me stress, not always – these presentations are compelling."

Read the full speech...


There's More

Bill Black Criticizes Breuer...

For the government not to go a step further and prosecute was "beyond obscene," said Bill Black, a former U.S. regulator for the Office of Thrift Supervision.  "Regulators are telling us, 'Yes, they're felons, they're massive felons, they did it for years, they lied to us, and they made a lot of money ... and they got caught red-handed and they're gonna walk.'"

Black disputed the government's concern that indicting HSBC could take down the financial system.  "That's the logic that we get stability by leaving felons in charge of our largest banks," he said. "This is insane."


Background Reading

Reuters - Lanny Breuer Connected to Big Banks...

Lanny Breuer's Connection to MF Global...

Lloyd Blankfein's Lawyer Is Eric Holder's Best Friend...



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Reader Comments (13)

Dec 12, 2012 at 12:38 PM | Registered CommenterDailyBail
Obama = ZERO criminal prosecutions of his bankster buddies everyone should know that by now


Is The Federal Reserve Using Money-Laundering Techniques To Cleanse Banks' Balance Sheets?


The Treasury Department announced on Monday that it would unload its remaining shares of American International Group (AIG), the infamous insurance giant that received $182 billion in bailout money from the Troubled Asset Relief Program (TARP)

According to Reuters, taxpayers that bailed out and now own AIG will lose out in the deal because the $4.8 billion sale is “at a far cheaper price than AIG sought and will lead to a substantial loss.”

in full
Dec 12, 2012 at 12:53 PM | Unregistered CommenterLadyLiberty
btw good write up here

HSBC Report Should Result in Prosecutions, Not Just Fines, Say Critics

Dec 12, 2012 at 1:03 PM | Unregistered CommenterLadyLiberty
There is the problem right there ...crime DOES pay !
Dec 12, 2012 at 6:22 PM | Unregistered CommenterMick
Yet another story that just takes the cake. An even more sensational piece that describes the horror that is our jusitice system. Why couldn't that reporter just slap the glasses off that piece of excrement. It would have been worth it to see him dab his nose with his slave labor woven silk tie. Someone beer me.
Dec 12, 2012 at 7:19 PM | Unregistered CommenterSKINFLINT
The stage was set when the President chose as his Attorney General the very man who had voted to pardon the greatest financial criminal to come down the pike before Bernie Madoff.
Dec 12, 2012 at 9:53 PM | Unregistered CommenterRobert Tartell
Bill Black pummels Breuer in this story out today...

Thank you Bill.
Dec 18, 2012 at 6:55 PM | Unregistered Commenterjohn
....amazing that we "conspiracy theorists"...just keep watching all our predictions come true....so very sad that no one would listen to us all these decades.....now you are going to have to fight for your freedoms....why wouldn't anyone listen or take us seriously...?


RJ O'Guillory
Weebster Groves-The Life of an Insane Family
Dec 18, 2012 at 7:47 PM | Unregistered CommenterRJ O'Guillory
Newsflash DB

Report: AMEX CEO May Replace Geithner at Treasury

Dec 18, 2012 at 9:32 PM | Unregistered CommenterLadyLiberty
D I S G U S T I N G ! ! ! !

Breuer is an American disgrace.
Dec 19, 2012 at 3:15 PM | Unregistered CommenterJaime Falcon
Where does the 1. 9 Billion land? Against the Debt? Holders pocket? Obama's new Home in Hawaii?
Dec 19, 2012 at 7:22 PM | Unregistered CommenterBackgammon
The fix is in, ladies and gentlemen. They put Breuer on it because he has a glass jaw and would not dare upset anybody the cabal couldn't whack in a back alley somewhere. Remember the power of the Shadow Cabal in charge (I'll be legally taking bets for charity in Nevada on whether Obama was given a lobotomy 1977-1979.). If we could have neutralized the CFRtv, Mr. Grayson and Ms. Warren could be doing some spiritual Ephesians 6:12 coed-bitch slapping in congress and I could be merrily carrying their bags at minimum wage.
Dec 19, 2012 at 7:54 PM | Unregistered CommenterHoward T. Lewis III
Waterboard HSBC, waterboard Breuer, impeach Obama - protecting the cream skimmers who run the Heroin Cocaine and Meth cartels out of Mexico.

The death penalty is too good for Breuer and HSBC, corrupt cowards.
Feb 15, 2013 at 9:46 PM | Unregistered CommenterOH

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