Neil Barofsky on UBS Criminal Charges for LIBOR and HSBC Money Laundering Wrist Slap

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Neil Barofsky on UBS Criminal Charges for LIBOR and HSBC Money Laundering Wrist Slap

Neil Barofsky on UBS Criminal Charges for LIBOR and HSBC Money Laundering Wrist Slap

by CapitalAccount

We talk to former Special Inspector General of TARP and author of “Bailout,” Neil Barofsky, about what an admission of guilt would mean for too big to fail banks.

Plus, prosecutors recently decided not to indict HSBC for money laundering, as government officials were reportedly concerned over the repercussions to the financial system. This according to the New York Times. Instead, last week HSBC announced it had agreed to pay 1.9 billion dollars in penalties. Our guest, Neil Barofsky, believes that there should have been criminal charges, and not just fines, for HSBC’s involvement with money laundering for drug cartels. We talk to Neil Barofsky about why we didn’t see a stronger response from authorities and what message this sends to other big banks.

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