Too Big to Exist.
By Thom Hartmann A...
The too-big-to-jail banks may have gotten away with even more crimes than we thought. According to new details exposed in the so-called “biggest banking leak in history,” HSBC helped their clients shield billions of dollars in assets from taxes in their home countries.
Not only did that client list include prominent U.S. sports stars, film directors, hedge fund managers, and major political donors, but, our government knew about all of this tax dodging as far back as 2010.
The Guardian Newspaper says that the leaked HSBC data was shared with regulators five years ago, but so far, we haven't seen one single bankster go to jail over this illegal activity. These leaked documents show that HSBC regularly allowed clients to withdraw bricks of $100,000 dollars in cash, they marketed tax-avoidance schemes to wealthy clients, colluded with clients to conceal hidden bank accounts, and they provided accounts to known criminals.
But, five years after finding out about it, there hasn't been a single HSBC official put on trial. In fact, even after HSBC got caught laundering money for Mexican drug cartels, the banksters were able to buy their way out of those crimes for a couple billion bucks.
Apparently, too-big-to-fail doesn't only mean too-big-to-jail, it also means that HSBC is too-big-to-prosecute. Sure, a few of HSBC's US clients have been prosecuted for criminal tax evasion, but the bank that helped them pull it off is still open for business.
How many times does one company get to break the law before they are really held accountable? Is there any crime that they can't simply buy their way out of? We have a few great lawmakers like Senators Sherrod Brown, Elizabeth Warren, and Bernie Sanders who are asking these tough questions, but every single elected representative should be.
No corporation or bank should be immune from prosecution – and it's time to make too-big-to-fail mean too-big-to-exist.
Comments
#2
Only little people pay taxes. They have to pay for the privilege of being enslaved by the rich.
#3
Who wants answers???
Nobody I guess?!?!?!
This taxation issue is so easy to fix
Tax obligation should be applied to expenditure only with exemption for the retired, disabled and others as determined
End of!
#4
Too Big to FAIL = Break them up ..as we did AT & T NO monopolies. We are now a nation owned lock stock & barrel by Powerful Massive corps - Lobbyists - Billionaires - ( Kochs Rauners etc ) even foreign CO.'s. WE must Bring back Glass Steagal Veto Keystone XL Pipeline NO TPP End GATT Nafta CAFTA anti US trade deals .
Btw 1981 Reaganomics deregulation- 80's 'scam' of 'borrowing' from our SS trust fund ' to hide huge debt- 1986 total amnesty w- open borders- Reagans secret deaL with Iran - Selling guns to Iran contras ) to release our hostages as soon as Carter was Ouit of office - Reagan sworn in . It was PAYBACK FOR Irans GUN purchase. Check these fact if you care to Listen to Hartmann Goldman check out pbs news hour M-F 6-7 pm News NO BS .
#5
Exactly the same series of events here in Denmark. The taxation authorities have known since 2010 and they too obviously turned a blind eye.
#6
HSBC is run by asia
Although it has British origin
Asian moral precepts are not the same as those in the west
Hong Kong and Shaghai Bank has been allowed to become too large
As we will witness as china begins to dominate the geopolic sphere
#7
I think we should sue our officials or not doing their Jobs. Their salaries should go back to the Government. HSNB should be sued for the money they cheated us (taxpayer) out of.
When the Economy fails due to their improprieties they should be the first to be stood up against the wall.
#8
Be nice if we could sue our politicians or whoever for not doing their jobs. Or, maybe we can. Seems people sue the FEC all the time, which is how we wound up with Citizen's United. So why not sue the DOJ? Can it be done? Might get some attention by our media if someone did it.
#9
It might be as simple as public pressure. Consider the FCC's recent capitulation to public pressure. The telecommunication industry lobbied hard for a pay-to-play tier speed service, plus they had their man sitting as the FCC chairman.; however, the public submitted 4 millions complaints to FCC. These complaints forced the FCC to protect the internet as public utility.
If we are take the reason given for the FCC change in direction on internet protection seriously, then we must conclude that public pressure forced the change of heart. Public consent with less than 1% of the population participating countered corporate lobbying because of the focused effort.
If less than 1% of the population could influence the FCC, imagine if 10% of the population put pressure on the "Justice" Department to indict bank execs and others that help facilitate financial crimes of that magnitude.
Figure out the how and why people challenged the FCC in mass, and try to duplicate that toward the Justice Department. My skepticism is starting to turn into optimism with this use of public consent to dictate the direction of government institutions. I believe that's what Democracy is suppose to look like.
#10
I have been Financially Victimized, in the past. SPD was willing to testify, on my behalf. The Prosecuting Attorney, however, was NOT willing to go to court over >$20,000. That might not be much to some people --- BUT it is more than 1 year's worth of SSA Payments, to me.
?What is DOJ's Bottom Line --- before pursuing litigation?
?How corrupt must an Institution be?
#11
Nothing breeds appropriate behaviour faster than the light of public scrutiny .Put some sunshine on this ?
Eliminate the invisibility of money make every single transaction open to public scrutiny ! Uncover the money trail if you knew the truth of what's going on there would be a massive uprising around our planet .People would never put up with all that's going on everything would change .Dare we do this design a international money system that is totally transparent ,visible .
The light of truth ,show me a man's bank account and I will show you the man .Can we develope an enlightened society based on truth and fairness ,why not ? The established system hate this idea as the truth will set you free .People of power Governments,Corporations will fight tooth and nail to keep these ideas away from any economic system they devise .The simple truth the plain truth would change everything .Someone else said I'am the truth and the light .We forgot his ideas but now we remember the true meanings of the teachings .Time to change the world me thinks .
evolutionrevolution.net
#12
The rich and powerfull created the system folks ,do you want this to go on ? Or have you hade enough yet .
evolutionrevolution.net
#13
I cannot understand how the Teapartiers detest the "Guv'ment," but put their trust in Corporate Oligarchs who run the "Guv'ment." How can we get enough of these t-partiers to shoot themselves in both feet so they can't make it to the polls?
And just to add a little fuel to the US electoral fire, ...how about Jon Stewart for Pres? Why are the Dems sitting around in deference to Hillary's candidacy and letting the Con-Pubs control all campaigning messaging. Hillary - time to get off 'the throne" and get in the race. AND please, let's have some OTHER dems to challenge her.
#14
Thom, these banks are essentially a toxic side effect of a far greater problem, the corruption of our government starting at the bottom and rising to the highest levels. All of this was once concealed in the shadows leaving the involvement of various elected officials open to conjecture by a few individuals in Congress that fully endorsed the rule of law and viewed this kind of behavior as a direct violation of the oath of office. These indiscretions were once addressed by ethics committees in both houses of Congress, committees that were consigned to the dust bin of history when the corruption became all consuming and necessary to continue the lifetime careers of various key individuals in Washington.
#15
@dianhow; You must be talking about the old PBS that existed before the G.W. Bush administration and their attack on the Board of the Corporation for Public Broadcasting kicking out long time Progressive supporters and replacing them with Right Wing idealist who had never liked their Left slant on issues ! The various current PBS news programs, and once critically acclaimed investigative studies like Front Line, are now carbon copies of the various network government propaganda sideshows. The result is a public media that cheerfully Rubber Stamps all of government's policies and agendas no questions asked !
Arthur Sulzburger; "A free press is not a privilege but an organic necessity in a great society"
#16
I think the people who avoid paying taxes purposely should be treated the same as drug dealers. All their assets should be seized. Then the government should use that money to go after more of them.
#17
No bank; no corporation should either be to big to fail not should its officers be to rich or to powerful not to proscuted and and jailed. I would that no corporation, be it a bank or whatever, should be bailed out using taxpayer's money. The people of the United States should not bear the weight or the responsibility of mismanagement by a group of officers as a result of incompetence, greedy, bad business decison, or simple "bad luck". Investors knowingly take that risk everytime they invest their money. However, rewarding failure is not what the American free enterprise system is about. Then again, in today's oligraric political system, certain corporations are defacto parts of the government; at least in so much as they determine much of the policies affecting their industries, and finance the elections of most members of Congress, the President, and the Judicary System, as well as provide much of the senior bureaucrats---the nomenklatura of the government and lobbyists.
Personally, any corporation which is "to big to fail" and/or is that vital to the national economy or national security (ie: oil companies, military aircraft manufacturers) should be nationalized or forcefully broken up with all of its senior management replaced. Any industry along those lines should also be regulated by outside parties not associated with either that industry or any of the companies or its subsididaries in that industry. Along the same lines, any industry which, by nature of its business, pollutes or damages the environment, should be mandated into funding its own cleanup pool rather than have US taxpayers foot the bill.
#18
Hephaestus, I gotta better one, progressive taxation based on the ability to pay without undue sacrifice - like Thomas Jefferson suggested. Who cares who doesn't like it?
Everybody works hard Hephaestus, but not everybody gets paid hard. What the rich don't pay in wages let them pay in taxes. Also, it's better to hold most things in common. Usually more cost effective that way and builds community.
If you can afford your own fire department, great, but not everybody can and they deserve a good one too so you're gonna help pay for it. If that doesn't leave you enough for your own you can just use the common one - but don't imagine it's yours any more than anyone else's.
Why do you think you deserve all that loot anyway? Everybody works hard. Did you "steal it fair and square"? Did you forget all the people who worked so hard to make you rich?.
Maybe you should have your own planet. You can have Uranus.
#19
Mark,
You endorse the system. Don't complain. Taxes are the price we pay for civilization. Blah Blah Blah.
#20
Golden Dawn's geometric insignia is a pattern called Greek key. It comes from ancient times, but I wouldn't be surprised if they chose it for its resemblence to the Nazi swastika (although they probably would have had it twist the other direction).
#21
LysanderSpooner -- What?
What system do you think Mark endorses?
#22
They are the price we pay for a lot of things, I don't complain.
#23
We want this to be a democracy. It is our obligation to complain. -c8
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