The Second Great Betrayal: Obama and Cameron Decide that Banks are above the Law

HSBC was a profoundly and pervasively criminal enterprise for at least 15 years. Many of its fraudsters doubtless moved to other banks, often with promotions. DOJ and the regulators have not indicated any intention to prosecute them or remove them from office. The great length of HSBC’s frauds demonstrates that there are limits to the “innocence” of HSBC employees. People who continued to work for a pervasively fraudulent firm for many years have self-selected. They were willing to stay at a criminal enterprise even when the job market was hot and they could have left.