“It is useless to attempt to reason a man out of a thing he was never reasoned into”

Jonathan Swift
"The Democrats have moved to the right, and the right has moved into a mental hospital." - Bill Maher
"The city is crowded my friends are away and I'm on my own
It's too hot to handle so I gotta get up and go

It's a cruel ... cruel summer"

Sunday, December 16, 2012

Get Out of Jail Free

Actually, you don't need a "Get out of jail free" card, you just need to be a wealthy  banker! I'm infuriated about the HSBC "fine" of $1.9 Billion - It's profit in 2011 was $16.8 Billion and it's net worth in 2011 was $2.6 Trillion! (HSBC Holdings plc is a multinational bank doing business in many countries all over the world including the U.S.) It was fined for money laundering and violating sanction law by doing business with Iran, Libya, and Cuba.

And the most infuriating thing is that no bank, board of directors or bank executive has been indicted! This is the third time in the last ten years that HSBC has been penalized! The argument is that HSBC is a "systemically dangerous institution" (SDI) or as politicians like to say "to big to fail."

BULL! These SDIs ruined us one time already (the last recession) and we're on track to let them do it again.

If  they are so big, chop them into little pieces that ARE NOT to big to fail and let the chips fall. Today I'm disgusted with our administration, our Democratic Attorney General and Department of Justice (and Britain and their FSA, Financial Services Authority) that tolerates the criminals that run our "to big to fail" financial institutions, letting the big wigs off Scot free to loot and steal another day with complete impunity! And it feels like there is nothing we can do!

The Liberalator