Bloomberg Businessweek: Senators Call Justice Department Response on HSBC Fine ‘Evasive’

News

Bloomberg Businessweek: Senators Call Justice Department Response on HSBC Fine ‘Evasive’

Two U.S. senators said a Department of Justice response to their criticism that it didn’t criminally prosecute HSBC Holdings Plc (HSBA) for money laundering was “aggressively evasive.”

Senators Sherrod Brown, an Ohio Democrat, and Chuck Grassley, a Republican from Iowa, sent the Justice Department a letter on Jan. 29 asking whether the federal government avoids prosecuting banks that they described as “too big to jail.”

Judith C. Appelbaum, principal deputy assistant attorney general, defended what she called the department’s “vigorous enforcement against wrongdoing” in a letter to Brown dated Feb. 27.

The Justice Department’s response was “aggressively evasive,” Brown and Grassley said in a statement yesterday. “We’ve conveyed our dissatisfaction, so the Justice Department is aware that it still owes us a complete response.”

Read the full article »