Tuesday, December 11, 2012

HSBC Pays $1.9 Billion Fine for Money Laundering; Stocks Soar

If there ever was any doubt that our financial and political systems are as crooked as they ever have been, today's news that London-based HSBC agreed to pay a $1.9 billion fine in a deal with the US Justice Department to settle money laundering charges AND NOBODY WAS CHARGED WITH A CRIME, should dispel any remaining doubt.

Wall Street's reaction to the news was a giddy rally, celebrating the idea that banks and corporations can commit any crimes they like and suffer no criminal consequences.

And people think their investments are safe. And the government is working really hard to come to an agreement to avoid sending the economy over the fiscal cliff and raising everybody's taxes.

Think about it.

Dow 13,248.44, +78.56(0.60%)
NASDAQ 3,022.30, +35.34(1.18%)
S&P 500 1,427.84, +9.29(0.65%)
NYSE Composite 8,366.47, +43.79(0.53%)
NASDAQ Volume 1,933,253,500
NYSE Volume 3,650,410.250
Combined NYSE & NASDAQ Advance - Decline: 3847-1695
Combined NYSE & NASDAQ New highs - New lows: 215-48
WTI crude oil: 85.79, +0.23
Gold: 1,709.60, -4.80
Silver: 33.02, -0.36

No comments: