Posted by Bob Lord
This piece in today's New York Times takes "too big to fail" to its disgusting extreme. What is clear from even a quick read was that, at a very minimum, in deciding whether indict HSBC for money laundering, the Justice Department considered the possibility that the indictment would cause HSBC to falter and destabilize the banking system. Indeed, the decision not to indict may have been based on that fear.
HIstorians have observed repeatedly that great civilzations are not attacked from the outside until they first decay from within. When corrupt banks become too big to indict, it seems like in this once great country of ours the decay from within is pretty far along.