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> How could they possibly have calculated these numbers accurately without having several CEOs of multinational companies ending up jail? The same way that HSB
by Karellen 10y ago
> How could they possibly have calculated these numbers accurately without having several CEOs of multinational companies ending up jail?
The same way that HSBC "assisted Iran and North Korea to circumvent US nuclear-weapons sanctions", "laundered at least $881 million in drugs proceeds through the U.S. financial system for international cartels [...] processing an additional $660 million for banks in US sanctioned countries" and "failed to monitor more than $670 billion in wire transfers and more than $9.4 billion in purchases of physical dollars from its Mexico unit." without anyone going to jail.[0]
And the same way that "around 20 banks" [...] "cost US states, counties, and local governments at least $6 billion in fraudulent interest payments, above $4 billion that state and local governments have already had to spend to unwind their positions exposed to rate manipulation." without anyone going to jail.[1]
Because the people in charge of the laws and their enforcement are friends with, or in some ways beholden to, the staggeringly rich corporate behemoths that are behind these flagrant illegalities. And seem to be committed to not only ensuring that no jail time is ever handed out, but that any fines that are levied instead are a fraction of the profits made, reducing them to "cost of doing business" expenses, rather than seriously punitive measures.
And if these companies are screwing over the US, UK, and other European governments, do you really think they're not totally fucking relatively less sophisticated (and possibly relatively more corrupt) governments completely up the ass?
These people are effectively beyond the law - that's how.
[0] https://en.wikipedia.org/wiki/HSBC#2012_US_Senate_investigation https://en.wikipedia.org/wiki/HSBC#2012_US_Senate_investigat...
[1] https://en.wikipedia.org/wiki/Libor_scandal#Breadth_of_scandal_becomes_apparent https://en.wikipedia.org/wiki/Libor_scandal#Breadth_of_scand...
- vivekd 10y ago1. The bank was fined 1.9 billion dollars for that 2. The bank did not intentionally violate any laws, they just didn't properly monitor their wire transfers. . . That is very different from the intentional tax evasion being alleged in this article