December 18, 2012
In July, British banking giant HSBC admitted that it laundered billions for drug cartels and violated binders of banking laws. Last week, U.S. Assistant Attorney Lanny Breuer cut a deal letting them off nearly scot free, according to Rolling Stone’s Matt Taibbi.
Taibbi tried valiantly to rally righteous indignation – pointing out that when individuals are even suspected of fringe involvement in drug dealings, the government seizes their houses, cars, money and freedom – to no avail. The NYTimes surmised that the leniency stemmed from “fear that criminal prosecution would topple the bank and, in the process, endanger the financial system.” To some, it seems that too big to fail now equals too big to prosecute. But perhaps it’s simply that society is just not in the mood to punish right now. Click here to read more.
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