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'Too Big to Jail': HSBC's Fine Didn't Fit the Crime
When is a record fine not all that impressive in the grand scheme of things? When it’s the $1.9 billion in penalties levied on HSBC (NYSE:HBC) by U.S. authorities for money laundering and violating sanctions rules. It’s more money than most of us will ever see in our lifetimes – unless that is we go to work for one of these giant banks or their offshoots such as the private equity empires built up by former bankers. But while it seems awe-inspiring in absolute terms it really amounts to a slap on the wrist for a giant global firm ...
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