Kirk Kinder, CFP, the owner of Picket Fence Financial, discusses the HSBC drug money laundering scandal and how it shows the banks run the U.S.
The recent fine leveled by the Department of Justice on HSBC bank proves the banks run the U.S. The fine equates to five weeks of earnings for the company, and no executives or employees will face jail time. Even though the bank knowingly funneled millions of dollars for the drug cartels, the bank personnel will escape jail free. It was so bad that Mexican bank regulators told the head of HSBC Mexico, point blank, that drug smugglers were laundering money through the bank. Yet, the bank did nothing. This examination will show you how bad it really was.