Page 149 - Bank Case Studies
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George Osborne:
‘Too Big to J(F)ail’
In July, 2016 a
congressional report
published letters and
emails from U.K.
Chancellor, George Osborne and FSA officials to their US
counterparts in the weeks leading up to DOJ’s decision on
November 7, 2012 warning that launching criminal action
against HSBC in 2012 could have sparked a “financial
calamity” in effect a global financial disaster particularly in
Europe and Asia. (3, 4)
The House financial services
committee report said the UK
interventions
“played a significant role in
ultimately persuading the DoJ
[Department of Justice] not to
prosecute HSBC”.
Instead of pursuing a
prosecution, the bank agreed
to pay $1.921bn (£1.2bn) to
settle the action. (3, 4)
If HSBC had been found guilty of the potential charges, the
US government would have been required to review and
