recentpopularlog in

robertogreco : moneylaundering   2

Outrageous HSBC Settlement Proves the Drug War is a Joke | | Rolling Stone
"The institutional bias in the crack sentencing guidelines was a racist outrage, but this HSBC settlement blows even that away. By eschewing criminal prosecutions of major drug launderers on the grounds (the patently absurd grounds, incidentally) that their prosecution might imperil the world financial system, the government has now formalized the double standard.

They're now saying that if you're not an important cog in the global financial system, you can't get away with anything, not even simple possession. You will be jailed and whatever cash they find on you they'll seize on the spot, and convert into new cruisers or toys for your local SWAT team, which will be deployed to kick in the doors of houses where more such inessential economic cogs as you live. If you don't have a systemically important job, in other words, the government's position is that your assets may be used to finance your own political disenfranchisement.

On the other hand, if you are an important person, and you work for a big international bank, you won't be prosecuted even if you launder nine billion dollars. Even if you actively collude with the people at the very top of the international narcotics trade, your punishment will be far smaller than that of the person at the very bottom of the world drug pyramid. You will be treated with more deference and sympathy than a junkie passing out on a subway car in Manhattan (using two seats of a subway car is a common prosecutable offense in this city). An international drug trafficker is a criminal and usually a murderer; the drug addict walking the street is one of his victims. But thanks to Breuer, we're now in the business, officially, of jailing the victims and enabling the criminals.

This is the disgrace to end all disgraces. It doesn't even make any sense. There is no reason why the Justice Department couldn't have snatched up everybody at HSBC involved with the trafficking, prosecuted them criminally, and worked with banking regulators to make sure that the bank survived the transition to new management. As it is, HSBC has had to replace virtually all of its senior management. The guilty parties were apparently not so important to the stability of the world economy that they all had to be left at their desks.

So there is absolutely no reason they couldn't all face criminal penalties. That they are not being prosecuted is cowardice and pure corruption, nothing else. And by approving this settlement, Breuer removed the government's moral authority to prosecute anyone for any other drug offense. Not that most people didn't already know that the drug war is a joke, but this makes it official."
matttaibbi  drugs  economics  law  politics  policy  drugwar  warondrugs  2013  banking  hsbc  moneylaundering 
december 2013 by robertogreco
Journey to the transnational narcopolitical city - Op-Ed - Domus
"Model of "Texanomic" success or a shadowy narcotics-fueled node? Either way El Paso is the model of the 21st-century transnational pivot point"

"I can just see myself peering at the big empty skies, probably finding nothing, wondering: Does Joel Kotkin, or anyone, for that matter, understand this city better than the drone does? As a spectre of a violent and militaristic narcourbanism, this desert apparition can be endlessly admired, traversed, measured, and quantified. One gets more and more absorbed by its ever-multiplying abstractions, while whatever it is that the cartel bosses and the politicians do simply continues, unabated."
elpaso  texas  ciudadjuarez  javierarbona  2011  cities  economics  drugs  narcotraficantes  narco  borders  mexico  us  neoliberalism  fraud  crime  moneylaundering 
august 2011 by robertogreco

Copy this bookmark:





to read