Here are two interesting videos of Senator Elizabeth Warren, of the Senate Banking Committee, questioning the lack of indictments for HSBC because of last year’s finding of their money laundering for drugs and doing business with nations despite US sanctions against those same nations.
US agencies seem to want us to believe that none of them were responsible for holding the banks accountable. Treasury states they don’t have the authority and can only do something after a criminal charge. So then it was supposed to be the DOJ, yet this hearing shows that the DOJ was referring to Treasury because of concern for the economy. So it goes round and round, yet the bottom line is both Geithner and Holder were Obama appointments and Obama must have known very well that American homeowners were going to get ripped off because not one bank would be held responsible. This specific discussion relates to HSBC’s money laundering, where the were found to be involved in laundering this money for drug cartels in Mexico and South America, as well as not obeying sanctions we had against particular countries around the world. They just ignored the law, and the Treasury and Department of Justice chose to look the other way.
Listen closely to what Warren asks and what Cohen responds with. Donald Cohen Undersecretary for Terrorism and Financial Intelligence.