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Share of Cost, Stricter penalties are needed for HSBC

Saturday, Aug. 17th 2013 9:00 AM

HBSC, is one of the largest banking and financial services institutions in the world, serves around 60 million customers through four Global Businesses. This global megabank HSBC has committed unthinkable crimes,  violating anti-money laundering and sanctions laws by transferring hundreds of millions of dollars on behalf of terrorists in the Middle East and drug cartels in Mexico and Colombia.

But to date, HSBC has been able to simply write off punishment for this criminal behavior as a mere business expense — paying a $1.9 billion fine, or roughly 12 percent of the company’s reported $16 billion profit for 2011.

How can that be, you may ask?

In short, it apparently is because the behemoth bank has been deemed by certain government officials as not only “too big to fail” but also “too big to jail.”

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