On December 11, 2012, the Department of Justice and the U.S. Treasury announced a $1.92 billion settlement, less than 9% of HSBC's 2011 profits of $21.9 billion, for the bank's criminal support of money laundering.
This settlement erodes trust in the U.S. financial system, is patently unfair and offensive to the American people, and allows criminals responsible for assisting drug traffickers, terrorist organizations, and state sponsors of terrorism to go free without consequence.
Under the settlement, the only punishment for HSBC executives responsible for these crimes is to partially defer their multi-million dollar bonuses. They must instead have their assets seized, face criminal prosecution, and be subject to lengthy prison sentences. HSBC should also pay a truly punitive fine.