HSBC admitted in 2012 to a decade of money laundering for drug cartels and terrorists. The bank paid a $1.9 billion fine in 2012. Attorney General Eric Holder calls banks such as HSBC "so large that it becomes difficult for us to prosecute", i.e. "Too Big To Jail".
The Alternative Banking Working group of Occupy Wall Street's primary mission is to end the too-big-to-fail problem in the banking system. As part of that ongoing campaign, they have targeted HSBC in 2013 because of its appalling record in lawlessness, which won't be addressed without public outrage.
To expose the continuing criminal actions of HSBC, former HSBC employee and whistleblower Everett Stern will protest with Occupy Wall Street Thursday, August 29, calling for the prosecution of HSBC bankers. The protest, comprised of the Alternative Banking Working Group and other concerned groups and citizens, will gather at 11:45am on the steps of the New York Public Library. Mr. Stern will give a press conference at 12:00 pm noon. After the conference, the protest will then continue one block south to HSBC's midtown offices, 452 5th Avenue.
During his tenure as an anti-money laundering analyst, Everett Stern attempted to alert appropriate government agencies, the FBI, CIA, and the SEC, about HSBC's violations of US money laundering laws. His efforts fell on deaf ears -- the excuse being that prosecuting the Too Big To Fail bank would precipitate a financial collapse. Mr. Stern decided to take the case public, and approached various media outlets, as well as Occupy Wall Street. By doing so, he has potentially given up a multi-million dollar whistleblower award. Mr. Stern claims to have information indicating the banking giant is continuing to launder money for terrorist groups long after it claimed it stopped.
"I want a criminal indictment against HSBC," said Mr. Stern. "And fines are not acceptablWhat the public needs to understand is that money is still being funneled through HSBC to directly buy guns and bullets to kill our soldiers."
More information at alternativebanking.nycga.net.