Holder has Loose Grip on HSBC Laundering

Holder receives criticism for not prosecuting
 HSBC for laundering charges.
   (Photo courtesy of AP)

Amidst political talk of gun control hype, the following issue has seemed to be swept under the rug out of national attention from the American public. Recently Attorney General Eric Holder has been criticized for handling of the HSBC settlement. Holder as well as his committee has failed to issue criminal charges to the group for laundering money for the following countries: Iran, Libya, Sudan and Myanmar.

 In a settlement reached Dec. 11, HSBC agreed to pay the U.S. government $1.92 billion in a wide-ranging agreement and all prosecution of the case was deferred. Due to the case’s deferred status, any jail time for the bank is highly unlikely.

Top Republican Sen. Charles Grassley, R-Iowa on the Senate committee that oversees the Justice Department fired back by sending Holder and explicit letter stating Holder’s action in the situation was “inexcusable”.

With such utter domestic and international turmoil with the following countries whose money was laundered, the failure to issue charges can give a negative view to the Obama Administration and the style of handling such issue. This issue is of utter importance because of Obama’s persona he has undertaken as a defender of the common people.

The fact that while presidential candidate Romney was criticized for his comments pertaining to the 49% of Americans who don’t pay their taxes, others on Obama’s administration are letting such corrupt and powerful organizations get away with crimes is simply unacceptable. This is not an issue of one’s political party, but on one’s stance on whether those who commit crimes should reap the consequences.  

It is also disheartening how Senator Grassley remains one of the few to step up and recognize the backwardness and unjust behavior by the attorney general and his committee for settling with HSBC for their unlawful acts in laundering money. In our legal system, all those who commit a crime should be punished for said crime whether you are an average person or a multi-billion dollar corporation.