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."
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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...
Reader Comments (13)
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Is The Federal Reserve Using Money-Laundering Techniques To Cleanse Banks' Balance Sheets?
http://www.forbes.com/sites/lawrencehunter/2012/10/29/are-federal-reserve-regulated-banks-laundering-dirty-money/
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
http://www.breitbart.com/Big-Government/2012/12/11/Treasury-Dept-Wraps-Up-TARP-Bailout-Of-AIG-By-Selling-Assets-To-China
HSBC Report Should Result in Prosecutions, Not Just Fines, Say Critics
http://www.thedailybeast.com/articles/2012/07/18/hsbc-report-should-result-in-prosecutions-not-just-fines-say-critics.html
Thank you Bill.
Regards,
RJ O'Guillory
Author-
Weebster Groves-The Life of an Insane Family
Report: AMEX CEO May Replace Geithner at Treasury
http://www.economicpolicyjournal.com/2012/12/report-amex-ceo-may-replace-geithner-at.html
Breuer is an American disgrace.
The death penalty is too good for Breuer and HSBC, corrupt cowards.