Posted 3 years ago on July 17, 2012, 8:10 p.m. EST by toukarin
This content is user submitted and not an official statement
So HSBC has admitted to money laundering for drug cartels and the governments of Iran and Syria on a massive scale.
Correct me if I am wrong.... if I was an individual were to admit to such a thing, this would be a felony... and if I had done such things for countries like Iran and Syria... it would be treason...
So by that yardstick... I think HSBC top management in the US either needs to be executed or imprisoned at the very least. Leavenworth sounds about right.
GlaxoSmithKline illegally marketed drugs, promoting two popular drugs for unapproved uses and failing to disclose important safety information. It marketed antidepressants to kids under 18. It marketed drugs for things they were not meant for. In the past decade, those two drugs alone brought in more than seven times the amount of this settlement. Paxil brought in close to $14 billion, Wellbutrin $8.5 billion.
A $3 billion settlement... for a company making $42 billion (~45% derived from the US market) in revenue with $13 billion in profits in 2011. An individual would have seen at least some jail time and a suspension of licenses to do business among other things.
Not sure you can put the company out of business without causing some problems, but top management should not be allowed into the pharma industry again and should serve jail time.
I guess corporations are people only when it is convenient.