The Tally Stick

Taking measure in our times

Archive for the ‘Too Big to Jail’ tag

U.S. codifies two-tiered justice system with landmark HSBC settlement

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Like most people, it still is just starting to sink in that we are officially in a two-tiered legal system in the United States of America.  The precedent is now set that law can be arbitrary base d on the economic and political effect that legal prescription would have on different social-economic systems.  Some would argue this has always been the case but it has never been to brazenly admitted in a criminal Investigation.  This company’s (HSBC)  influential and economic place in the global financial system, allowed  it is support terrorism, trade with the enemy (Iran) and give material support to Mexican (likely other) drug cartels that I know the Mexican state sees as domestic terrorists.

We are now officially in a society where the wealthy and powerful can now break some of our most precious laws with almost impunity.  This is not meant to single out HSBC either.   All major U.S. commercial and investment banks have all been given the same treatment by the Justice Department (Justice for who?), by allowing them to settle without any admission of guilt and avoid criminal prosecutions.

Links to Settlements:   Bank of AmericaJP Morgan ChaseGoldman SachsWells FargoCitigroup (This list goes on)

What message does this send to the people?  Following the law is only for the common-folk?  Who is to say that this will not lead to general lawlessness among average citizen who now have perfectly clear evidence that the system is rigged and the deck is stacked against them.  These are not just petty crimes either, the entire U.S. foreign policy for the last 4o+ years has been built against the actions that HSBC committed (War on Drugs & War on Terrorism).

Anyone else would of, if they even committed one of the 17,000 noted infractions in this case, served hard prison time or ended up in a military prison and or court.  Instead an economic calculation was made that ended up saying that this companies position in our financial system was so great (Too Big to Fail), that a tarnish of its reputation would actually bring an economic collapse (not likely).  Even if you take that statement at face value, if our system is built upon this sort of foundation, then maybe it deserves to collapse so we can find our moral center again and learn what the “Rule of Law” & “Precedent” means.

An option would of been to fine “AND” jail the perpetrators.  I believe when history looks backs, this will be looked upon as a watershed moment of this current regimes fall from grace and decency.  To look on the bright side, this likely means we are closer to the end than the beginning.  We have lost our center and direction and now we are rushing faster than ever to prop up failed states, we just haven’t found the courage to admit it.  If it does come to that, please so not throw all the good we have done when finding ways to deal with your anger and frustration.  We still have the capacity to great good and unmentionable acts of evil.

Here is a great writeup about this from The Guardian, please take a hour to read the comments that are over a thousand now.  It really enlighten me on how people can justify these actions.


Written by Tally Stick

December 17th, 2012 at 12:34 pm

Posted in Commentary

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