Industrialized Cyclist Notepad


HSBC Is “Too Big To Jail”

via Neil Barofsky (former Inspector General of TARP) and New Republic:

Some perspective: HSBC sent more than $800 million in bulk cash from Mexico to the United States, a good chunk of which apparently represented proceeds from some of the most notorious Colombian drug cartels. As someone who tried the first narcotics money laundering case involving extradition from Colombia, let me assure you that this is a lot of money, the discovery of which usually generates vigorous prosecutions and lengthy prison sentences. And it wasn’t HSBC’s only dirty business: There were also hundreds of millions of more dollars of illegally disguised transactions with rogue nations such as Iran and Sudan.

Why no criminal charges? Why instead only some remedial measures and a “historical” fine that can be measured in weeks — not years — of earnings? It certainly wasn’t for lack of evidence. No, instead the government determined that HSBC is not only too big to fail, but also too big to jail. As the New York Times first reported, even though there were strong voices within DOJ pushing for criminal charges, the big banks’ best friends within the government (the Treasury Department, of course, and other unnamed regulators) were too fearful that an indictment could destabilize the global financial system. Yes, it’s 2008 all over again. In the name of systemic stability, a megabank again escapes accountability for its actions, rescued by compliant officials.  

via HSBC Is "Too Big To Jail": Another Banking System Disgrace | The New Republic.



NYC Bike-Sharing Program Now Too Big to Fail

The Citi Bike program…He heh… Life is funny.

Citigroup Inc. (C) agreed to pay $41 million to sponsor New York City’s bicycle-rental program, which Mayor Michael Bloomberg said will be the largest such system in the U.S. when it begins in July.

The “Citi Bike” program, presented by the mayor and Citigroup Chief Executive Officer Vikram Pandit at City Hall today, will offer 10,000 bikes branded with the New York-based bank’s logo at 600 docking stations in Manhattan and Brooklyn.

via Citigroup Pays $41 Million to Sponsor NYC Bike-Sharing Program – Bloomberg.

(Folks will pay about $100 for a year’s worth. That’s not “sharing,” is it?)




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