Friday, January 18, 2013



While we're happy that the U.S. Senate Banking Committee plans to hold hearings on money-laundering by major US banks, we are concerned that the collusion by such financial institutions as JP Morgan Chase, HSBC and Citigroup with organized crime to launder the proceeds from drug cartels will receive the same level of scrutiny and punishment as the fraud revealed in the mortgage scandal that brought down the American economy. The subject of a January 22 special investigation to be aired on FRONTLINE, that scandal has not resulted in a single prosecution by the U.S. Department of Justice.

As Steve Colbert remarked, "Just to show how sorry they are for funding murder, HSBC decides to partially defer bonus compensation for senior officials."


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