Gyroscopic Investing

Matt Taibbi writes about HSBC and its century-plus adventure in being an outlaw bank and friendly destination for outlaws' money.

Pretty entertaining and informative.

http://www.rollingstone.com/politics/ne ... l-20130214

Wow...I don't even really know what to think about that, although it seems outrageous.

Is the Justice Dept right?  Would a bigger penalty have undermined the world economy, or is that just an excuse?  Does it even matter?

AdamA wrote: Wow...I don't even really know what to think about that, although it seems outrageous.

Is the Justice Dept right?  Would a bigger penalty have undermined the world economy, or is that just an excuse?  Does it even matter?

If you can consistently and successfully make the argument of "Don't punish my client--if you do it will jeopardize the world economy!!!", then I say bravo on your ability to bullshit your regulators.

One thing I would like to know is that if the Obama administration is so anti-business why the heck haven't there been more indictments and enforcement actions against these crooked bankers?  It's really weird.

MediumTex wrote: One thing I would like to know is that if the Obama administration is so anti-business why the heck haven't there been more indictments and enforcement actions against these crooked bankers?  It's really weird.

I chalk this up to the universal and pervasive hypocrisy of the political class.  This is from the same folks that want to ban guns, but have armed guards or carry guns themselves.  The people that restrict freedom in the name of morality but cheat on their spouses.  The individuals who support abortion and decry the death penalty, support human rights but authorize execution by drone fired missile without trail (for citizens).  I could go on, but in short very little that happens in Washington makes any logical sense.

It's always interesting to read these pieces. A blood relative of mine is one of the few to have been incarcerated as a result of the latest crash & toxic asset debacle. { It goes without saying, but I'll state it explicitly: our lifestyles, investing habits, etc have nothing in common }.