July 11, 2016
House Report Shows Attorney General Holder Overruled His Lead Prosecutor in HSBC Case; Media Availability
Statement of Bartlett Naylor, Financial Policy Advocate, Public Citizen’s Congress Watch Division
Note: Today, the U.S. House Financial Services Committee released a report of its investigation into the U.S. Department of Justice’s decision not to prosecute HSBC or any of its executives or employees for serious violations of U.S. anti-money laundering laws and related offenses. The report shows that then-Attorney General Eric Holder overruled his lead prosecutor because his concern that prosecuting the bank would have serious adverse consequences on the financial system. Public Citizen’s Financial Policy Advocate Bartlett Naylor is available to comment.
This explosive report, which Public Citizen is still reviewing, raises questions that are so serious it may deserve a full congressional investigation. Failure to prosecute any of the likely criminals eliminates the necessary deterrence to clear Wall Street of the ubiquitous thugs in the future.