Major banking scandals only back page news at the Arizona Daily Star


That HSBC bank officials knowingly helped Mexican drug lords launder their money is bad enough. That the Obama administration decided not to file criminal charges against the responsible bank executives and instead only fined the bank is just as egregious. But what might be worst of all, since we have already come to expect little from our banks or our politicians, is that the media, which is to say, the corporate media, gave little coverage to the story of this sell-out of a settlement. And our own Arizona Daily Star was no exception, placing a short article on the story, “HSBC penalized $1.9B for its transgressions” on page A14 of its December 12 edition.

Of course, this was practically a screaming headline compared to coverage of the next sell-out settlement, this time of UBS bank for its manipulation of the key LIBOR interest rate. This only merited mention in the “Business Briefs” section of the December 20 edition of the Star.

It would appear from this that, even after all the excitement of the Occupy protests, everything has now returned to normal (or at least they are hoping it has): the banks, regulated by a government composed of their past and future executives, will only be penalized a couple of months worth of profits for the most egregious of financial crimes while our press will accommodate them all by burying the story in the back pages.

Leave a Comment