The Justice Department refused to pursue charges against HSBC after the banking giant knowingly laundered money for drug cartels. Assistant Attorney General Lanny Breuer, in complete disregard of public interest, refused to pursue charges, instead brokering a settlement worth approximately 5 weeks of profits for HSBC.
HSBC was in violation of numerous baking laws including the Trading With the Enemy Act and the Bank Secrecy Act. This decision was reportedly rooted in concern of tarnishing the reputation of a "systematically important institution". Mr. Breuer has expanded the already flawed "too big to fail" doctrine to shockingly dangerous levels.
Criminal charges are pursued en masse daily against petty drug offenders across the US. HSBC was let off the hook.
Mr. Breuer should step down.
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