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Wall Street Oasis » Blogs » Edmundo Braverman's blog
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DOJ Rolls Over and Wets on Itself
 

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Edmundo Braverman's picture
Edmundo Braverman
      ST
 
 
(Human, 14,705
 
Points)
 on 2/6/13 at 7:30am

This HSBC thing has my gut in knots. I'm serious. It has literally made me consider retiring from WSO, not because any of you had anything to do with it, but because I'm so nauseated by the level of corruption in finance today and the utter impotence on the part of anyone in authority to apply anything resembling the rule of law against those clearly guilty of heinous financial crimes. From the feckless shitheels in the DOJ to the remorseless turds in the boardrooms all over midtown and The City, I'm starting to think I've just had enough of it. Watch this if you want to see where justice goes to die:

  • money laundering
  • Libor fixing
  • HSBC
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Comments

karypto's picture

With all due respect (not at

karypto
      EN
 
 
(Senior Gorilla, 871
 
Points)
 on 2/6/13 at 8:15am

With all due respect (not at you Eddy but just in general), if you haven't done something somewhat questionable in your career and got away with it you will be stuck in life and people will shit on you. There are so many 'goody naïve' types out there, they just think money grows on trees.

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Nobama88's picture

^ ^ ^ ^ lol... and people

Nobama88
      RE
 
 
(King Kong, 1,680
 
Points)
 on 2/6/13 at 9:18am

^ ^ ^ ^

lol... and people like Karypto is why Wall Street is the most hated industry in the world.

Putting in an honest days of work = thinking money grows on trees? the fuck?

Need to Land a Job? Click Here.

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TNA's picture

The government pissing and

TNA
      O
 
 
(Human, 13,711
 
Points)
 on 2/6/13 at 9:21am

The government pissing and moaning about someone else cheating? This is hilarious. Can't expect justice from an unjust system.

You want to end corruption, theft and disregard of law by the government? Make it smaller and less powerful.

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In reply to karypto
mikesswimn's picture

karypto: With all due respect

mikesswimn
      O
 
 
(Senior Gorilla, 940
 
Points)
 on 2/6/13 at 9:24am
karypto:

With all due respect (not at you Eddy but just in general), if you haven't done something somewhat questionable in your career and got away with it you will be stuck in life and people will shit on you. There are so many 'goody naïve' types out there, they just think money grows on trees.

Wow, really? So, if you're not unethical during the course of your career, you're not going to move up and people are going to try and screw you? What world do you live in? I suppose you're one of those "jaded naive" types who everyone hates, and blames their failures on absurdities like, "I haven't been making enough questionable career choices".

I really hope you're trolling because this is possibly the worst and stupidest post I've ever read on WSO.

"My caddie's chauffeur informs me that a bank is a place where people put money that isn't properly invested."

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clomeo4655's picture

karypto must work in Congress

clomeo4655
     
 
(Monkey, 36
 
Points)
 on 2/6/13 at 10:22am

karypto must work in Congress

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In reply to TNA
NorthSider's picture

TNA: The government pissing

NorthSider
      IB
 
 
(King Kong, 1,907
 
Points)
 on 2/6/13 at 10:31am
TNA:

The government pissing and moaning about someone else cheating? This is hilarious. Can't expect justice from an unjust system.

You want to end corruption, theft and disregard of law by the government? Make it smaller and less powerful.

+1. Amen.

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TheKing's picture

Taibbi does yeoman's work on

TheKing
      O
 
 
(Senior Neanderthal, 5,169
 
Points)
 on 2/6/13 at 10:45am

Taibbi does yeoman's work on this stuff. Simply unreal. 99% of the media is completely useless on the topic.

The HSBC thing is so beyond belief insane. Laundering that kind of money for those kinds of folks is madness and so blatantly criminal. Nothing makes sense anymore.

Check out my WSO Blog

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In reply to karypto
greengohome's picture

karypto: if you haven't done

greengohome
      IB
 
(Senior Monkey, 86
 
Points)
 on 2/6/13 at 11:10am
karypto:

if you haven't done something somewhat questionable in your career and got away with it you will be stuck in life and people will shit on you. There are so many 'goody naïve' types out there, they just think money grows on trees.

You've got to be kidding me. There's a pretty big difference between asserting yourself and laundering money for the cartels. What HSBC did is pretty cut and dry wrong.

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In reply to karypto
dolph's picture

karypto: With all due respect

dolph
     
 
(Monkey, 46
 
Points)
 on 2/6/13 at 11:15am
karypto:

With all due respect (not at you Eddy but just in general), if you haven't done something somewhat questionable in your career and got away with it you will be stuck in life and people will shit on you. There are so many 'goody naïve' types out there, they just think money grows on trees.

Watch out guys, we've got a badass over here...

I don't know about you but I've never laundered drug money or bribed government officials. You're the naive one if you think they're necessary things to do to advance a career.

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In reply to TNA
job.resume's picture

TNA: The government pissing

job.resume
     
 
(Senior Monkey, 72
 
Points)
 on 2/6/13 at 11:22am
TNA:

The government pissing and moaning about someone else cheating? This is hilarious. Can't expect justice from an unjust system.

You want to end corruption, theft and disregard of law by the government? Make it smaller and less powerful.

We're actually looking to end corruption, theft and disregard of the law by HSBC and other financial institutions

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TNA's picture

I hope one day the government

TNA
      O
 
 
(Human, 13,711
 
Points)
 on 2/6/13 at 11:44am

I hope one day the government wakes up and realizes it is trying to fight a war that it created. You wouldn't need to launder money if there wasn't a "war" on drugs. And you wouldn't have a war on drugs if you didn't have an ever growing nanny state.

You fine banks and punish them in non criminal ways because there isn't one person to blame. HSBC is not too big to fail and has jack balls sway in the US. The US government has imprisoned a bunch of executives and financial players. This idea that banks have immunity is simply populace fodder.

Who at HSBC is going to go to jail for this? The CEO? The CFO? Money Laundering starts at the bank branch level and moves up. Banks have all kinds of systems in place to catch these things, but shit happens. So we will fine the fuck out of HSBC, use those fines to support US Government sanctioned criminality and so the world continues to spin.

This entire society is criminal and unjust. Banks fuck people over. People read the law and fuck banks over. Corporations get graft from the government. People get graft from the government. We borrow money from other countries and debase our currency when we repay them. We unlawfully invade other countries. We kill our own citizens. We tax others because they have more than the voting block that authorizes these taxes. On and on and on.

If you think we are living in some just work you aren't paying attention.

Now does this provide justification to break the law? No. I am not advocating that. I am simply dispassionate when people make an economic decision on the benefits of ignoring a law and then have to suffer the consequences. Does HSBC ignoring money laundering laws piss me off? About as much as people who jay walk.

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Football2Finance's picture

Karypto, I didn't know

Football2Finance
      IB
 
(Monkey, 39
 
Points)
 on 2/6/13 at 12:23pm

Karypto, I didn't know laundering hundreds of millions of dollars for drug cartels and other organized crime groups was a 'questionable' decision. HSBC might as well fund Al Qaeda while they're at it

“Victorious warriors win first and then go to war, while defeated warriors go to war first and then seek to win” - Sun Tzu

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FrankD&#039;anconia's picture

karypto is clearly The Llord

FrankD'anconia
      O
 
(Orangutan, 303
 
Points)
 on 2/6/13 at 12:49pm

karypto is clearly The Llord Bankfine

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TheKing's picture

TNA, I'm not sure you've

TheKing
      O
 
 
(Senior Neanderthal, 5,169
 
Points)
 on 2/6/13 at 1:17pm

TNA, I'm not sure you've really read into this. This isn't nearly as nebulous as you make it out to be. Your insinuation that we should basically just accept this because the world is unjust is the exact reason why this shit continues to happen.

Also, if this were a case of welfare fraud or something related to that, there is no way in hell you'd be so non-chalant about it.

C'mon man!

Check out my WSO Blog

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karypto's picture

Am I supposed to feel some

karypto
      EN
 
 
(Senior Gorilla, 871
 
Points)
 on 2/6/13 at 1:37pm

Am I supposed to feel some sort of emotion from these comments? Because I don't.

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In reply to TheKing
TNA's picture

TheKing: TNA, I'm not sure

TNA
      O
 
 
(Human, 13,711
 
Points)
 on 2/6/13 at 1:52pm
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In reply to TheKing
NorthSider's picture

TheKing: TNA, I'm not sure

NorthSider
      IB
 
 
(King Kong, 1,907
 
Points)
 on 2/6/13 at 2:18pm
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TNA's picture

When I think of a Mexican

TNA
      O
 
 
(Human, 13,711
 
Points)
 on 2/6/13 at 2:24pm

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TNA's picture

I love the righteous

TNA
      O
 
 
(Human, 13,711
 
Points)
 on 2/6/13 at 2:29pm

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In reply to NorthSider
TheKing's picture

NorthSider: TheKing: TNA,

TheKing
      O
 
 
(Senior Neanderthal, 5,169
 
Points)
 on 2/6/13 at 3:16pm

Check out my WSO Blog

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TheKing's picture

Btw, the language he uses is

TheKing
      O
 
 
(Senior Neanderthal, 5,169
 
Points)
 on 2/6/13 at 3:18pm

Check out my WSO Blog

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TNA's picture

King, what case would the DOJ

TNA
      O
 
 
(Human, 13,711
 
Points)
 on 2/6/13 at 3:22pm

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Edmundo Braverman's picture

@TNA et al saying it's no big

Edmundo Braverman
      ST
 
 
(Human, 14,705
 
Points)
 on 2/6/13 at 3:24pm

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TNA's picture

So suppose I ran a company

TNA
      O
 
 
(Human, 13,711
 
Points)
 on 2/6/13 at 3:28pm

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TNA's picture

HSBC had a shitty compliance

TNA
      O
 
 
(Human, 13,711
 
Points)
 on 2/6/13 at 3:35pm

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TNA's picture

Could someone please lay out

TNA
      O
 
 
(Human, 13,711
 
Points)
 on 2/6/13 at 3:38pm

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In reply to TNA
snakeplissken's picture

TNA: So suppose I ran a

snakeplissken
      CF
 
 
(Orangutan, 339
 
Points)
 on 2/6/13 at 4:10pm

Remember, once you're inside you're on your own.
Oh, you mean I can't count on you?
No.
Good!

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In reply to snakeplissken
snakeplissken's picture

snakeplissken: TNA: So

snakeplissken
      CF
 
 
(Orangutan, 339
 
Points)
 on 2/6/13 at 4:11pm

Remember, once you're inside you're on your own.
Oh, you mean I can't count on you?
No.
Good!

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TNA's picture

Yeah, I agree. If a bank

TNA
      O
 
 
(Human, 13,711
 
Points)
 on 2/6/13 at 4:14pm

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trazer985's picture

having done some forensic

trazer985
      ST
 
 
(King Kong, 1,780
 
Points)
 on 2/6/13 at 5:23pm
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In reply to TNA
NorthSider's picture

TNA: Yeah, I agree. If a bank

NorthSider
      IB
 
 
(King Kong, 1,907
 
Points)
 on 2/6/13 at 6:16pm
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Houston_Oil_Drum's picture

The endless critique of the

Houston_Oil_Drum
     
 
(Monkey, 31
 
Points)
 on 2/6/13 at 8:58pm
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In reply to econ_guru
NorthSider's picture

econ_guru: The endless

NorthSider
      IB
 
 
(King Kong, 1,907
 
Points)
 on 2/6/13 at 9:03pm
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In reply to econ_guru
FrankD&#039;anconia's picture

econ_guru: The endless

FrankD'anconia
      O
 
(Orangutan, 303
 
Points)
 on 2/6/13 at 9:42pm
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In reply to FrankD'anconia
NorthSider's picture

FrankD'anconia: econ_guru:

NorthSider
      IB
 
 
(King Kong, 1,907
 
Points)
 on 2/6/13 at 11:06pm
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In reply to NorthSider
SirTradesaLot's picture

NorthSider: FrankD'anconia:

SirTradesaLot
     
 
 
(Senior Neanderthal, 4,781
 
Points)
 on 2/6/13 at 11:41pm

I'm a lover, not a fighter, but I'm also a fighter, so don't get any ideas.

My WSO Blog

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In reply to SirTradesaLot
NorthSider's picture

SirTradesaLot: Because people

NorthSider
      IB
 
 
(King Kong, 1,907
 
Points)
 on 2/7/13 at 12:10am
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In reply to NorthSider
SirTradesaLot's picture

NorthSider: SirTradesaLot:

SirTradesaLot
     
 
 
(Senior Neanderthal, 4,781
 
Points)
 on 2/7/13 at 12:30am

I'm a lover, not a fighter, but I'm also a fighter, so don't get any ideas.

My WSO Blog

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In reply to SirTradesaLot
NorthSider's picture

SirTradesaLot: NorthSider:

NorthSider
      IB
 
 
(King Kong, 1,907
 
Points)
 on 2/7/13 at 12:44am
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stanvalchek's picture

You guys are missing the

stanvalchek
      O
 
(Baboon, 104
 
Points)
 on 2/7/13 at 1:22am
    • Credits
  • 1
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In reply to stanvalchek
NorthSider's picture

stanvalchek: You guys are

NorthSider
      IB
 
 
(King Kong, 1,907
 
Points)
 on 2/7/13 at 1:47am
    • Credits
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TNA's picture

Government creates the

TNA
      O
 
 
(Human, 13,711
 
Points)
 on 2/7/13 at 1:58am

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NewGuy's picture

They are just doing God's

NewGuy
      HF
 
(Senior Orangutan, 479
 
Points)
 on 2/7/13 at 6:00am
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In reply to NorthSider
stanvalchek's picture

NorthSider: stanvalchek: Yo

stanvalchek
      O
 
(Baboon, 104
 
Points)
 on 2/7/13 at 8:32am
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In reply to stanvalchek
NorthSider's picture

stanvalchek: We can and

NorthSider
      IB
 
 
(King Kong, 1,907
 
Points)
 on 2/7/13 at 10:11am
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TheKing's picture

The rationalization going on

TheKing
      O
 
 
(Senior Neanderthal, 5,169
 
Points)
 on 2/7/13 at 11:35am

Check out my WSO Blog

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TNA's picture

Not sure the rationalization.

TNA
      O
 
 
(Human, 13,711
 
Points)
 on 2/7/13 at 11:39am

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In reply to TNA
TheKing's picture

TNA: King, what case would

TheKing
      O
 
 
(Senior Neanderthal, 5,169
 
Points)
 on 2/7/13 at 11:43am

Check out my WSO Blog

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Edmundo Braverman's picture

Don't even bother, King. The

Edmundo Braverman
      ST
 
 
(Human, 14,705
 
Points)
 on 2/7/13 at 11:52am

    • Credits
  • 1
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TNA's picture

1) A person getting busted

TNA
      O
 
 
(Human, 13,711
 
Points)
 on 2/7/13 at 11:58am

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When you register for the Web Site, you will be asked to provide the Company with certain information including, without limitation, a valid email address (your "Information"). In addition to the terms and conditions that may be set forth in any privacy policy on this Web Site, you understand and agree that the Company may disclose to third parties, on an anonymous basis, certain aggregate information contained in your registration application. The Company reserves the right to offer third party services and products to you based on the preferences that you identify in your registration and at any time thereafter; such offers may be made by the Company or by third parties. Please see the Company's Privacy Policy below for further details regarding your Information.

Registration and Password.

You are responsible for maintaining the confidentiality of your information and password. You shall be responsible for all uses of your registration, whether or not authorized by you. You agree to immediately notify the Company of any unauthorized use of your registration or password.

The Company's Liability.

As a condition to your use of this site, you release the Company (and our agents and employees) from claims, demands and damages (actual and consequential, direct and indirect) of every kind and nature, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way connected with such disputes. If you are a California resident, you waive California Civil Code d1542, which says: "A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor."

We are under no legal obligation to, and generally do not, control the information provided by other users which is made available through the Web Site. By its very nature, other people?s information may be offensive, harmful or inaccurate, and in some cases will be mislabeled or deceptively labeled. We expect that you will use caution and common sense when using this Web Site.

The Material may contain inaccuracies or typographical errors. The Company makes no representations about the accuracy, reliability, completeness, or timeliness of the Web Site or the Material. The use of the Web Site and the Material is at your own risk. Changes are periodically made to the Web Site and may be made at any time.

You acknowledge and agree that you are solely responsible for the content and accuracy of any resume or material contained therein placed by you on the Web Site and you agree to let any users that are identified as recruiters (designated in the sole discretion of the Company) to have access to your resume.

The Company is not to be considered to be an employer with respect to your use of the Web Site and the Company shall not be responsible for any employment decisions, for whatever reason made, made by any entity posting jobs on the Web Site.

THE COMPANY DOES NOT WARRANT THAT THE WEB SITE WILL OPERATE ERROR-FREE OR THAT THE WEB SITE AND ITS SERVER ARE FREE OF COMPUTER VIRUSES OR OTHER HARMFUL MECHANISMS. IF YOUR USE OF THE WEB SITE OR THE MATERIAL RESULTS IN THE NEED FOR SERVICING OR REPLACING EQUIPMENT OR DATA, THE COMPANY IS NOT RESPONSIBLE FOR THOSE COSTS.

THE WEB SITE AND MATERIAL ARE PROVIDED ON AN "AS IS" BASIS WITHOUT ANY WARRANTIES OF ANY KIND. THE COMPANY, TO THE FULLEST EXTENT PERMITTED BY LAW, DISCLAIMS ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING THE WARRANTY OF MERCHANTABILITY, FITNESS FOR PARTICULAR PURPOSE AND NON-INFRINGEMENT. THE COMPANY MAKES NO WARRANTIES ABOUT THE ACCURACY, RELIABILITY, COMPLETENESS, OR TIMELINESS OF THE MATERIAL, SERVICES, SOFTWARE, TEXT, GRAPHICS, AND LINKS.

Disclaimer of Consequential Damages.

IN NO EVENT SHALL THE COMPANY, ITS SUPPLIERS, OR ANY THIRD PARTIES MENTIONED ON THE WEB SITE BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, INCIDENTAL AND CONSEQUENTIAL DAMAGES, LOST PROFITS, OR DAMAGES RESULTING FROM LOST DATA OR BUSINESS INTERRUPTION) RESULTING FROM THE USE OR INABILITY TO USE THE WEB SITE AND THE MATERIAL, WHETHER BASED ON WARRANTY, CONTRACT, TORT, OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT THE COMPANY IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

Links to Other Sites.

The Web Site may contain links to third party web sites. These links are provided solely as a convenience to you and not as an endorsement by the Company of the contents on such third-party Web sites. The Company is not responsible for the content of linked third-party sites and does not make any representations regarding the content or accuracy of materials on such third party Web sites. If you decide to access linked third party Web sites, you do so at your own risk.

No Resale or Unauthorized Commercial Use.

You agree not to resell or assign your rights or obligations under these Term of Use. You also agree not to make any unauthorized commercial use of the Web Site.

Limitation of Liability.

The aggregate liability for the Company to you for all claims arising from the use of the Materials is limited to $1.

Termination.

The Company reserves the right, at its sole discretion, to pursue all of its legal remedies, including but not limited to immediate termination of your registration with or ability to access the Web Site and/or any other service provided to you by the Company, upon any breach by you of these Terms and Conditions or if the Company is unable to verify or authenticate any information you submit to the Web Site registration with or ability to access the Web Site.

Indemnity.

You agree to defend, indemnify, and hold harmless the Company, its officers, directors, employees and agents, from and against any claims, actions or demands, including without limitation reasonable legal and accounting fees, alleging or resulting from your use of the Material or your breach of the terms of these Terms and Conditions. The Company shall provide notice to you promptly of any such claim, suit, or proceeding and shall assist you, at your expense, in defending any such claim, suit or proceeding.

General.

The Company makes no claims that the Materials may be lawfully viewed or downloaded outside of the United States. Access to the Materials may not be legal by certain persons or in certain countries. If you access the Web Site from outside of the United States, you do so at your own risk and are responsible for compliance with the laws of your jurisdiction. These Terms and conditions are governed by the internal substantive laws of the State of New York, without respect to its conflict of laws principles. Jurisdiction for any claims arising under this agreement shall lie exclusively with the state or federal courts within New York, New York. If any provision of these Terms and Conditions are found to be invalid by any court having competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any term of these Terms and Conditions shall be deemed a further or continuing waiver of such term or any other term. Except as expressly provided in additional terms of use for areas of the Web Site a particular "Legal Notice," or Software License or Material on particular Web pages, these Terms and Conditions constitute the entire agreement between you and the Company with respect to the use of Web Site. No changes to these Terms and Conditions shall be made except by a revised posting on this page.

PRIVACY POLICY

The Company recognizes that you are concerned about privacy. We are committed to preserving your privacy and safeguarding your sensitive information. The following statement describes the general information-gathering and usage practices of our sites.

Our staff, contractors, Internet service providers and others involved in this site follow this policy or similarly strict policies regarding your Information.

Disclosure

The Company is committed to fully disclosing our policies regarding the collection, use, maintenance, disclosure and security of personal information obtained from users of our site. The term "personal information" includes a name, address, email address, or any other information which could be used to contact you directly or to identify you personally.

Use and Disclosure Limitations

The Company only uses personal information about its Web site users for specific purposes. We do not share user information with third parties except when we have told users about the disclosures, when we have prior consent, or when required by law.

Use Policy: When the Company gathers personal information from users, we ask for permission first. We also disclose, at the time of collection, how the information will be used by us. Personal information is used for activities such as auto-completion of commonly-used forms and helping us contact you when you solicit information from us.

Disclosure Policy: We do not normally disclose personal information to anyone outside of the Company unless we have previously informed users about the disclosures. However, some data may be used from time to time by outside contractors, including auditors or consultants, to assist us in carrying out necessary financial or operational activities. These uses will be consistent with this privacy policy and all contractors using this potential personal information must agree to safeguard it, to use it only for the authorized purpose, and to return it or destroy it upon completion of the activity.

The Company might be required to disclose personal information in response to a valid legal process such as a subpoena, search warrant or court order.

Although unlikely, it is possible that we may have to make certain disclosures to ensure the security of our Web site, to protect its integrity, or to take precautions against potential liability. In any of these situations, we will take any reasonable steps to limit the scope of the data disclosed.

Web Logs: The Company maintains standard Web logs that record basic information about visitors to our Web site. These logs contain: * The Internet domain from which you came to our Web site. * Your IP address. An IP address is a series of numbers which uniquely identifies your connection to the Internet. Although it is possible in some instances, certain types of IP addresses may be used by interested persons to identify users but we do not attempt to identify users in this way. * The type of browser (e.g., Internet Explorer or Netscape) and operating system (e.g., Windows 98) you use. * The date and time you visited the site, and the pages you saw.

We use Web log information to design our Web site, identify popular features, and in similar ways. We do not try to identify individuals from Web logs or to link Web logs to other user information. However, if someone tries to damage our Web site or use it in an unauthorized or illegal way, we may share Web log information with law enforcement agencies. The Company may provide aggregate information such as the number of users who visit particular pages of the site, or the number of people who link to certain external sites from our site, to other parties.

Changes to Privacy Policy

The Company's features and services will change over time and our information-gathering practices and policies may also change.

While our philosophy of protecting user information from inappropriate uses and disclosures will not change, this policy will be updated occasionally to include any change that materially affects the collection, maintenance, use, or disclosure of personal information.

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<em>Mod note: make sure to see the great comment below by CompBanker</em> I come from a small town where nobody had ever heard of consulting or IB. I was fortunate enough to attend a top target college (a good Ivy) and land a gig in IB at a BB/EB. I'm starting full time this...
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