HSBC Laundering Charges - Matt Taibbi

  • Aired:  01/16/13
  •  | Views: 19,883

"Secrets and Lies of the Bailout" author Matt Taibbi talks about HSBC, his famous Goldman Sachs dig and the problem with super wealthy banks. (4:16)

DISPOSAL.

THEY WERE JUST HEAVILY INVESTED IN BATH WATER REMANY OFFAL.

LAY OFF THE BANKS.

HERE TO LAY ON THE BANKS IS ROLLING STONE WRITER, EDITOR AND AUTHOR OF ARTICLE "SECRETS AND

LIES OF THE BAILOUT." MATT THANKS FOR COMING.

YOU WORK FOR "THE ROLLING STONE" ONE MAGAZINE THAT STILL EXISTS.

MATT, IS IT REALLY FAIR TO RAKE HSBC OVER THE COALS FOR THE ONE TIME EVENT THAT HAPPENED OVER A

DECADE AGO?

>> DO YOU SEE THE MOVIE CONAIR?

THEY LAUNDERED MONEY FOR EVERYBODY IN THAT AIRPLANE.

IT WAS TERRORISTS, DRUG DEALERS, YOU KNOW, MASS MURDERERS.

>> Stephen: THAT'S CALLED DIVERSIFYING YOUR INVESTMENTS, MATT.

THAT'S WHAT BANKS ARE SUPPOSED TO DO.

>> I GUESS SO AND THEY DID IT VERY WELL.

>> Stephen: WHAT DO YOU THINK SHOULD HAVE HAPPENED TO HSBC?

>> I THINK SOMEBODY SHOULD HAVE GONE TO JAIL FOR STARTERS.

[CHEERS AND APPLAUSE]

THERE ARE A FEW RIGHT NOW THAT SOMEBODY IN NIGHT COURT IN NEW YORK CITY WILL GET A TOUGHER

FINE FOR PEEING IN AN ALLEY THAN ANYBODY GOT AT HSBC FOR LAUNDERING MONEY FOR DRUG CARTELS.

>> Stephen: BUT IF THEY PEED IN 800 ALLEYS THEY WOULDN'T HAVE THROWN THEM IN JAIL BECAUSE

THEY WOULD HAVE DESTABILIZED THE URINE MARKET.

THESE BANKS ARE CHAFTIZED NOW?

>> THEY ARE BIGGER, MORE COMPLEX AND HARDER TO REGULATE.

THIS WITH HSBC AND UBS WHICH GOT A SIMILAR SETTLEMENT LATER IT'S BEEN SHOWN WE CAN'T THROW THEM

IN JAIL, ANY OF THEM BECAUSE THEY ARE TOO IMPORTANT AS PEOPLE TO PUT THEM IN JAIL.

>> Stephen: SO THEY ARE LIKE 007 LICENSED TO KILL OUR ECONOMY.

>> EXACTLY.

>> Stephen: YOU FAMOUSLY CALLED GOLDMAN SACHS A GREAT VAMPIRE SQUID WRAPPED AROUND THE

FACE OF HUMANITY.

>> YES.

>> Stephen: SO YOU ARE AN OBJECTIVE JOURNALIST.

>> RIGHT.

>> Stephen: WHAT MULLET WOULD YOU COMPARE TO HSBC.

>> WHEN I SAID THAT ABOUT GOLDMAN I GOT FLACK FROM ZOOLOGISTS WHO SAID I WAS

SLANDERING THAT PARTICULAR ANIMAL.

I'M GOING LAY OFF ANY MOLLUSK.

>> Stephen: OKAY.

FINE.

WHAT IS THE PROBLEM WITH SUPERWEALTHY PEOPLE OR ORGANIZATIONS BEING ABLE TO BUY

THEMSELVES OUT OF TROUBLE?

I MEAN, OUR NATION NEEDS CASH.

>> THE PROBLEM IS THAT, YOU KNOW, WHEN THE RULE OF LAW DOESN'T AEMPLOY IF EVERYBODY,

THEN YOU DON'T REALLY HAVE THE -- APPLY TO EVERYBODY, THEN YOU DON'T REALLY HAVE THE RULE

OF LAW ANYMORE.

IF WE CAN'T ARREST THESE PEOPLE BECAUSE THEY ARE TOO IMPORTANT WHAT DOES THAT SAY TO SOMEBODY

CARRYING A JOINT.

>> Stephen: AGAIN, YOU SHOULD BE CARRYING 800 MILLION JOINTS.

WHY NOT LAY BACK AND ENJOY IT BECAUSE WE NEED THE BANKS?

RIGHT?

WE CAN'T DO WITHOUT THE BANKS.

MAYBE IT IS RIGHT.

MAYBE WE'VE GOTTEN TO THE POINT WHERE WE CAN'T DO ANYTHING TO THESE GUYS BECAUSE THEY PROVIDE

AN ESSENTIAL SERVICE.

YOU GET A PAYCHECK.

DO YOU USE A BANK?

>> I DO USE A BANK.

I DON'T USE THE MATTRESS ANYMORE.

>> Stephen: SOUR A HYPOCRITE.

[ LAUGHTER ]

-- SO YOU ARE A HYPOCRITE?

>> EXACTLY.

THAT'S THE ARGUMENT THEY MADE.

ALL THE FINANCIAL COMPANIES HAVE ESSENTIALLY MADE THIS ARGUMENT THAT WE'RE TOOL IMPERATIVE TO

THE STABILITY OF THE SYSTEM THEREFORE WE CAN'T BE PROSECUTED ANYMORE.

>> Stephen: NOT ONLY THAT BUT IF THE BANKS WENT OUT OF BUSINESS, I WOULD HAVE TO --

>> WHERE WOULD YOU GET YOUR DRUGS.

THAT'S RIGHT.

[ LAUGHTER ]

>> Stephen: MATT --

[CHEERS AND APPLAUSE]

THANK YOU SO

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