EARLIER IN THE WEEK REPUBLICANS RELEASED A REPORT
OUT OF THE HOUSE THAT WAS SHOCKINGLY CORRECT.
IT DOESN'T
HAPPEN OFTEN, BUT OUR JOB IS TO TELL YOU HOW IT IS.
THEY HAD A
HOUSE COMMITTEE REPORT ON HOW THE JUSTICE DEPARTMENT SHOWS NOT
TO PROSECUTE HSBC, A BANK THAT DID SOME OF THE WORST OF MONEY
LAUNDERING IN HISTORY.
THEY EXPLAINED HERE IN THE WALL
STREET JOURNAL.
I HAVE ERIC HOLDER ON TAPE PROVING THAT
POINT.
LATER HE BACKPEDALED FROM THAT, BUT IT WAS WILDLY
DISINGENUOUS.
AGAIN, THIS IS A RARE CASE BUT THEY HAVE THE
EVIDENCE.
SO WHAT HAPPENED OVERALL IN CASE YOU DIDN'T KNOW
THE BACK STORY?
A DEFERRED PROSECUTION AGREEMENT IS
SOMETHING THAT NOW THE DEPARTMENT OF JUSTICE DOES ALL
THE TIME.
IS A SLAP ON THE WRIST.
YOU GIVE ME A SMALL SLICE
OF YOUR POCKETS FROM ALL THAT MONEY LAUNDERING, AND I JUST LET
YOU GO.
THERE IS NO PROSECUTION.
THERE IS NO PROSECUTION OF YOUR
BANKS OR EXECUTIVES.
WE WILL STILL CALL YOU A FAVORED
COMPANY, THE US IS HAPPY TO DO BUSINESS WITH.
HEATED MONEY
LAUNDERING FOR THE DRUG CARTELS IN MEXICO.
IF YOU DID MONEY
LAUNDERING FOR A DRUG CARTEL, YOU KNOW HOW MANY DECADES HE
WOULD SPEND IN PRISON?
HEATED MONEY LAUNDERING FOR PEOPLE IN
COUNTRIES THAT ARE ON OUR LIST OF TERRORIST COUNTRIES.
IF YOU
DID MONEY LAUNDERING FOR A TERRORIST, DO YOU HAVE ANY IDEA
HOW MANY LIFETIMES YOU SPEND IN JAIL?
BUT IF YOU DO IT ON A
GIANT SCALE, OR A SCALE WHERE YOU MAKE BILLIONS OF DOLLARS,
OH, YOU ARE FREE TO GO.
IF YOU DISAGREE WITH OUR INTERPRETATION THAT'S OKAY.
BECAUSE WE HAVE ERIC HOLDER ON TAPE.
HE SCREWED UP, HE SHOULD'VE NEVER ADMITTED THIS IN
PUBLIC BUT HE DID.
OF THE DOJ PROSECUTING ANY HIGH PROFILE FINANCIAL CRIMINAL
CONVICTIONS OF COMPANIES OR INDIVIDUALS.
THE CONCERN YOU HAVE RAISED IS ONE I SHARE.
I AM NOT TALKING
ABOUT HSBC.
I AM CONCERNED THAT THE SIZE OF SOME OF THESE
INSTITUTIONS BECOMES SO LARGE THAT IT DOES BECOME DIFFICULT
FOR US TO PROSECUTE THEM WHEN WE ARE HIT WITH INDICATIONS THAT IF
YOU DO PROSECUTE, IF YOU DO BRING A CRIMINAL CHARGE IT WILL
HAVE A NEGATIVE IMPACT ON THE NATIONAL ECONOMY, PERHAPS EVEN
THE WORLD ECONOMY.
I THINK THAT IS A FUNCTION OF THE FACT THAT
SOME OF THESE INSTITUTIONS HAVE BECOME TOO LARGE.
AGAIN, I AM
NOT TALKING ABOUT HSBC, THIS IS A GENERAL COMMENT.
I THINK IT
HAS INHIBITING IMPACT ON OUR ABILITY TO BRING RESOLUTION THAT
I THINK WOULD BE MORE APPROPRIATE.
I THINK THAT IS
SOMETHING THAT WE, YOU ALL NEED TO CONSIDER.
I REMEMBER WHEN WE COVERED THAT STORY.
I CAN'T BELIEVE HE
JUST FLAT OUT SAID IT.
LIKE IT WOULD HAVE CONSEQUENCES TO THE
WORLD ECONOMY IF WE PROSECUTED THESE BANKS, OR BROUGHT IT TO
RESOLUTION.
I LOVE THE SLIGHTLY CODED LANGUAGE.
THEY ARE TOO BIG
TO JAIL, THAT IS HIM ADMITTING IT.
LATER PEOPLE SAID ERIC, WHAT
ARE YOU DOING?
BY THE WAY, IF THAT IS THE SYSTEM WE HAVE YOU
MIGHT WANT TO THINK ABOUT FIXING IT.
THAT SEEMS A LITTLE
DANGEROUS.
BUT INSTEAD WE DON'T FIX THE SYSTEM, BUT WHEN
EVERYBODY CALLED HIM OUT AND SAID DON'T SAY THAT IN PUBLIC.
NOW EVEN THOUGH THE DEPARTMENT OF JUSTICE DID NOT COOPERATE
WITH THE HOUSE AND GIVE OVER THEIR RECORDS, THEY HAD THE
RECORDS FROM THE TREASURY DEPARTMENT.
AND THEY FOUND OUT
THAT IS NOT TRUE.
THE PEOPLE UNDERNEATH ERIC HOLDER SAID YOU
SHOULD PROSECUTE.
YOU HAVE THE EVIDENCE, YOU JUST CHOSE NOT TO
DO IT.
THE WALL STREET JOURNAL EXPLAINS HERE.
THEY ARE
EVEN
MORE SPECIFIC.
THEY KNOW THE PERSON THAT RECOMMENDED IT.
IF
YOU SAY THAT IS A REPUBLICAN COMMITTEE REPORT ñ I SHRED THOSE
THINGS ALL THE TIME AND SHOW YOU HOW THEY ARE NOT BASED ON FACTS.
IN THIS CASE, THEY HAVE AN EMAIL THAT SAYS FROM A PERSON LOW IN
THE JUSTICE DEPARTMENT TELLING THEIR HIGHER UPS YOU SHOULD
PROSECUTE HSBC, THAT IS A FACT.
THAT IS A STONE COLD FACT.
AND
THE HIGHER UPS SAID THEY ARE TOO BIG TO JAIL SO WE ARE NOT GOING
TO DO IT.
THE BEST CASE SCENARIO IS THAT THEY ARE LEGITIMATELY
SCARED.
IF YOU EVER PROSECUTE ANY OF THEM THE ENTIRE WORLD
ECONOMY WOULD COLLAPSE.
THAT IS THE BEST CASE SCENARIO.
YOU
SHOULD FIX THAT SYSTEM.
YOU SHOULDN'T GO YES SIR, YOU'RE
ABSOLUTELY RIGHT SIR.
THE WORST-CASE SCENARIO IS COME ON
DUDE, WE'RE ALL GOING TO WORK FOR THE BANKS ONE DAY.
DON'T SAY
THEY ARE TOO BIG TO JAIL.
IT WILL AFFECT THE WORLD ECONOMY.
THAT IS THE EXCUSE WE TELL OURSELVES TO FEEL BETTER ABOUT
IT.
SPEAKING OF WORKING FOR THE BANKS.
THE ONE VISIBLE PERSON
THERE, MS.
CALVARY, WHAT HAPPENED TO HER?
THAT IS CALLED
A REVOLVING DOOR.
CREDIT TO HER, SHE SAID PROSECUTE THEM WHEN SHE
WAS AT THE DOJ.
MAYBE THEY HIRED HER AS A SIGN OF ñ ALSO AT THE
SAME TIME SHE NOW RECEIVES PROBABLY A VERY LARGE PAYCHECK
FROM THAT SAME BANK.
EVERYBODY KNOWS IF YOU ARE COOL AND THERE
IS NO ACTUAL PROSECUTIONS YOU WILL GET THAT REALLY LARGE
TRUCK, AND THAT IS HOW THIS SYSTEM WORKS.
FINALLY I WANT TO
GIVE YOU TWO LAYERS HERE OF WHO ELSE DIDN'T WANT THE
PROSECUTION.
THERE WAS INTERNATIONAL PRESSURE.
GREAT
NEWS, THE BANKS DON'T JUST CONTROL OUR GOVERNMENT, THEY
ALSO CONTROL OUR ALLIES GOVERNMENTS.
AND THE FINAL
INSULT TO INJURY IS: THE BONUSES KEPT ON FLOWING.
YOU WANT TO DO
LITERALLY RECORD-BREAKING MONEY LAUNDERING, THE BIGGEST MONEY
LAUNDERING OPERATION THE WORLD IS EVER SEEN.
YOU WANT TO DO IT
FOR DRUG CARTELS, TERRORISTS, THE WORST PEOPLE ON EARTH.
AS LONG
AS YOU GREASER GOVERNMENTS YOU ARE FREE TO GO.
AND YOU WONDER
WHY PEOPLE ARE ABSOLUTELY SICK OF THIS SYSTEM.
IT'S NOT THAT
ERIC HOLDER IS A BAD PERSON, CERTAINLY JENNIFER CALVARY IS
NOT A BAD PERSON, BUT WE HAVE BUILT A CORRUPT SYSTEM.
IT IS
SYSTEMICALLY CORRUPT.
IT SHOULD NOT BE SURPRISING TO ANY OF US
THAT THE CONCLUSION IS YOU CAN BE CORRUPT ALL YOU LIKE AND YOU
WILL GET AWAY WITH IT.