New Economic Perspectives-

I do not think the twin epidemics of mortgage loan origination fraud (appraisal and “liar’s” loans) and the various epidemics of post-origination fraud by financial institutions are comparable crimes to the use of chemical weapons. The President’s job, however, is to deter a wide range of criminal conduct. The elite fraud epidemics cost over $11 trillion in losses to households alone and 10 million American jobs. The cost of these fraud epidemics is so vast that deterring future epidemics should be a high priority of every administration. The refusal of the Obama and Bush administrations to prosecute any elite banker whose actions contributed to the crisis has done the opposite of deterring future fraud epidemics – it has encouraged them.

The Obama administration has refused to prosecute elite bank fraudsters even when their crimes threaten our national security. The administration announced the infamous “too big to prosecute” doctrine in refusing to indict HSBC, its officers, or even its former officers for massive felonies that continued for over a decade. If one believes the administration’s findings, HSBC posed a far graver threat to U.S. national security than did the claimed chemical weapon attack in Syria. HSBC helped terrorists evade U.S. financial sanctions, helped Iran evade financial sanctions, and aided one of the most violent drug gangs in the world. The drug gang has killed more people than the presumed chemical attack in Syria.

If Obama believes Obama, then the purpose of HSBC and Standard Chartered aiding Iran to avoid sanctions was to aid one of the most dangerous governments in the world develop nuclear weapons. If Obama believes Obama, the nuclear weapons are to be used against the “Great Satan” (the U.S.) and Israel. HSBC’s officers did all of this for the basest of purposes – to make themselves wealthy.

[NEW ECONOMIC PERSPECTIVES]

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