Why Aren't Banks That Launder Money To Drug Lords Shut Down?

Sen. Elizabeth Warren (D-MA) appeared before the Senate Banking Committee again today, and asked federal regulators about the topic of money laundering by Wall Street Banks.

Warren wondered aloud why Big Banks can get away with money laundering through drug lords and freely violate economic sanctions without being shut down, talking about the example of mega-bank HSBC.

Warren: How many billions of dollars do you have to launder through drug lords, and how many economic sanctions do you have to violate before someone will consider shutting down a financial institution like this?

David Cohen, Regulator: We determined the appropriate response [with HSBC] there was a very very significant penalty against the institution [...]

Warren: How many billions of dollars do you have to launder for drug lords before somebody says we’re shutting you down?!

Watch Warren’s grilling of regulators:
 

 

Recall that HSBC moved $881 million in drug trafficking money, and only faced a paltry $1.9 billion fine for it.

 

 

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