If ever there's an example for why we need new ways of holding corporations accountable for their abuses, the HSBC case is it. We've been rightly focused on Walmart's abuses of workers worldwide recently, but we wanted to take a moment to point out what happened with HSBC today.
Here's CBS story, 'Drug Cartels' Bank' Sees No Arrests:
It's a case that has everything -- everything accept an arrest. That struck some as odd, because in 80 pages of court documents, the bank admits to almost going out of its way to act as a financial clearing house for international pariahs and drug dealers.[...]
Notre Dame professor Jimmy Gurule, who investigated money-laundering cases for the Treasury Department, said: "We're not talking about mere negligence. We're talking about a criminal scheme that was adopted as a policy of HSBC that involved looking the other way in regard to suspicious transactions involving money laundering."
Some would say that the message is, if you break all the laws you can, until you get caught, you may have to pay a lot of money, but you're not gonna go to jail.