Posted on

Too-big-to-jail: DOJ investigation of HSBC proves that some are above the law under the Obama Administration

saupload_hsbc
July 13,2016

the staff of the Ridgewood blog

WASHINGTON, D.C. – Rep. Scott Garrett (NJ-05) issued the following statement after the House Financial Services Committee released a staff report of its investigation into the U.S. Department of Justice’s (DOJ) decision not to prosecute HSBC or any of its executives or employees for serious violations of U.S. anti-money laundering laws and related offenses.

“While the vast majority of Americans pay a price if they break the law, the Justice Department has once again proven that the rules don’t apply to those with special privileges and connections under the Obama Administration,” said Garrett. “Despite their best efforts for three years to side-step Congressional inquiries and oversight, the House Financial Services Committee was able to find that DOJ has been misleading the American people about their decision not to prosecute HSBC employees and executives on anti-money laundering charges, proving that too-big-to-jail is alive and well.”

Background:

The Committee initiated its investigation in March 2013.  The Department of Justice (DOJ) and the Department of the Treasury failed to comply with the Committee’s requests to obtain relevant documents, necessitating the issuance of subpoenas to both agencies.

Approximately three years after its initial inquiries, the Committee finally obtained copies of internal Treasury records showing that DOJ has not been forthright with Congress or the American people concerning its decision to decline to prosecute HSBC. To read the House Financial Services Committee’s full report, click here.

Scott Garrett is Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises.

4 thoughts on “Too-big-to-jail: DOJ investigation of HSBC proves that some are above the law under the Obama Administration

  1. This has been an on going problem for decades it did not just happen . Bankers rarely ever get prison time.

    1. sorry not true ,Michael Milken,Frank Quattrone,Bernie Maddoff, its Politicians rarely ever get prison time.

  2. All the bankers in the last several years have not seen jail time nor do they lose there jobs. It just seems to me like politics no one with money or power does much time, maybe if they did then things would change.

    1. Really , Lehman Brothers (4th largest Investment bank and the largest bankruptcy in US history) and Bear(5th largest Investment bank ) went under that lots of jobs ,Merrill lynch shot gun merged into Bank of America (loss of jobs)and how many bank branches closed in Ridgewood lets see Bank of America , HSBC , there was a small saving bank near Daily treat dont remember the name, there are a few more .Dont forget Bernie Maddoff ,But I do agree with you political connections seem to get you off the hook in New Jersey and nationally.

Leave a Reply

Your email address will not be published. Required fields are marked *