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(CNN)   What is the price of complete failure? $11.1 million   (money.cnn.com) divider line 15
    More: Sick, CEO Stuart Gulliver, return on equity, incentive payments, Brian Moynihan, tax profit, Libor, payable, Lloyd Blankfein  
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6048 clicks; posted to Business » on 04 Mar 2013 at 11:26 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



15 Comments   (+0 »)
   
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2013-03-04 11:27:45 AM  
He doesn't care about the Lilliputians.
 
2013-03-04 11:34:17 AM  
BUT SOCIALISM AND COMMIES
 
2013-03-04 11:54:24 AM  
How is he not in jail for laundering billions of dollars?
 
2013-03-04 12:05:10 PM  

Pick13: How is he not in jail for laundering billions of dollars?


He and the entire BoD should be in jail.  Taibbi hit the nail on the head:
If you've ever been arrested on a drug charge, if you've ever spent even a day in jail for having a stem of marijuana in your pocket or "drug paraphernalia" in your gym bag, Assistant Attorney General and longtime Bill Clinton pal Lanny Breuer has a message for you: Bite me.

Breuer this week signed off on a settlement deal with the British banking giant HSBC that is the ultimate insult to every ordinary person who's ever had his life altered by a narcotics charge. Despite the fact that HSBC admitted to laundering billions of dollars for Colombian and Mexican drug cartels (among others) and violating a host of important banking laws (from the Bank Secrecy Act to the Trading With the Enemy Act), Breuer and his Justice Department elected not to pursue criminal prosecutions of the bank, opting instead for a "record" financial settlement of $1.9 billion, which as one analyst noted is about five weeks of income for the bank.
 
2013-03-04 12:07:58 PM  
But we have a capitalist system.  Clearly he's worth what he's paid.
 
2013-03-04 12:23:21 PM  

Pick13: How is he not in jail for laundering billions of dollars?


He's British, they should just drone strike him and say they got an Al-Qaeda #2.  They pretty much dabbled in money laundering for everyone "bad", not just the Mexican Narcos
 
2013-03-04 12:31:15 PM  
Subby has a different definition of failure then me. I'd call getting off clean pretty successful. HSBC should have been shut down, this guy deserves a bonus.
 
2013-03-04 01:39:45 PM  
Think about how much he must've gotten away with...
 
2013-03-04 02:40:09 PM  

Muta: Pick13: How is he not in jail for laundering billions of dollars?

He and the entire BoD should be in jail.  Taibbi hit the nail on the head:
If you've ever been arrested on a drug charge, if you've ever spent even a day in jail for having a stem of marijuana in your pocket or "drug paraphernalia" in your gym bag, Assistant Attorney General and longtime Bill Clinton pal Lanny Breuer has a message for you: Bite me.

Breuer this week signed off on a settlement deal with the British banking giant HSBC that is the ultimate insult to every ordinary person who's ever had his life altered by a narcotics charge. Despite the fact that HSBC admitted to laundering billions of dollars for Colombian and Mexican drug cartels (among others) and violating a host of important banking laws (from the Bank Secrecy Act to the Trading With the Enemy Act), Breuer and his Justice Department elected not to pursue criminal prosecutions of the bank, opting instead for a "record" financial settlement of $1.9 billion, which as one analyst noted is about five weeks of income for the bank.


Yeah, but look at it this way.  That $1.9 billion (surely reduced on appeal) goes right into the coffers of the government.  Prosecuting this case would be very expensive, and if successful, they'd have to pay to house these guys for the term of their sentences.
 
2013-03-04 02:42:10 PM  
When the "settlement" you get out of a company is less than 50% of the money they pay out in bonuses each year, you have not won anything.

While I don't agree with the implications of the statement, I cannot help but think this:

Malcolm_Sex: Subby has a different definition of failure then me. I'd call getting off clean pretty successful. HSBC should have been shut down, this guy deserves a bonus.


is correct.  When your bank is proved to be a global force for money laundering and the only punishment that your firm, and anyone employed there, receives is a fine that will not interrupt your operations one bit, you have truly proven you are above the law and your company will not be allowed to fail.
 
2013-03-04 09:23:50 PM  
I'll give him a pass since he's a job creator.
 
2013-03-04 09:51:01 PM  
Hmmm I would have thought the price of failure was more in the line of Sheldon Adelson's investment in Mitt Romney.
 
2013-03-04 11:58:26 PM  
I don't get it. I'd be willing to undermine and completely destroy a company for half of that.
 
2013-03-05 04:36:03 AM  
Invisible Hand
 
2013-03-05 11:08:10 AM  

MrEricSir: I don't get it. I'd be willing to undermine and completely destroy a company for half of that.


I'd do it for free if I had access to all of that sweet Colombian cocaine. I could show up at Charlie Sheen's house with a garbage bag full and we'd party until our noses fell off.
 
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