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Politics: Outrageous HSBC Settlement Proves the Drug War is a Joke
Politics: Outrageous HSBC Settlement Proves the Drug War is a Joke
By
December 13, 2012

If you've ever been arrested on a drug charge, if you've ever spent even a day in jail for having a stem of marijuana in your pocket or "drug paraphernalia" in your gym bag, Assistant Attorney General and longtime Bill Clinton pal Lanny Breuer has a message for you: Bite me.

Breuer this week signed off on a settlement deal with the British banking giant HSBC that is the ultimate insult to every ordinary person who's ever had his life altered by a narcotics charge. Despite the fact that HSBC admitted to laundering billions of dollars for Colombian and Mexican drug cartels (among others) and violating a host of important banking laws (from the Bank Secrecy Act to the Trading With the Enemy Act), Breuer and his Justice Department elected not to pursue criminal prosecutions of the bank, opting instead for a "record" financial settlement of $1.9 billion, which as one analyst noted is about five weeks of income for the bank.

The banks' laundering transactions were so brazen that the NSA probably could have spotted them from space. Breuer admitted that drug dealers would sometimes come to HSBC's Mexican branches and "deposit hundreds of thousands of dollars in cash, in a single day, into a single account, using boxes designed to fit the precise dimensions of the teller windows."

This bears repeating: in order to more efficiently move as much illegal money as possible into the "legitimate" banking institution HSBC, drug dealers specifically designed boxes to fit through the bank's teller windows. Tony Montana's henchmen marching dufflebags of cash into the fictional "American City Bank" in Miami was actually more subtle than what the cartels were doing when they washed their cash through one of Britain's most storied financial institutions.

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Freedom and justice will prevail, there exists one perfect system.
Posted by energeia January 6, 2013, 1:19 pm
Cameron Douglas was reported by NY Daily News to have been busted in 2009 for conspiring to distribute 4 1/2 kilos of meth and 20 keys of coke. Do you know true story?
Posted by dove December 20, 2012, 5:52 pm
An international drug trafficker is a criminal and usually a murderer; the drug addict walking the street is one of his victims. Selective prosecution, government secrecy to hide corruption, 175 conflicts around the world, voter suppression and redistricting the few honest politicians out of office ... How many people know what **** trouble our democracy is in?
Posted by polysensory December 15, 2012, 11:24 am
I and many others would love to see and understand the disbursements and actual payouts of the 1.9 BILLION fine....who actually gets what amounts and what were legal fees and to process this mess.....
Posted by re tired December 15, 2012, 11:22 am
Between the Supream Court and the US attorneys office decisions of late I have lost all respect for our judicial system. It's a joke. They have brought our country to a new low. The scales of justice have rusted beyond repair.
Posted by Whitemellon December 15, 2012, 4:37 am
As outraged as as I am by both the bank and the prosecutors office, I hold at least as much contempt for the shareholders who would care as much for retaining their drug money profits as they do not for the victims caught up in the activities which creates these profits. Shame on you.
Posted by iralarry December 14, 2012, 8:38 am