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Court Protects Lawbreaking Bank's Secrecy From Public's Rights to Transparency and Accountability

FOR IMMEDIATE RELEASE
Wednesday, July 12, 2017
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com

 

Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, released the following statement on the decision by the Court of Appeals for the 2nd Circuit in United States v. HSBC Bank to keep the report from the court-appointed monitor secret from the public:

“We are very disappointed in this decision. Public trust and confidence in the rule of law and the judicial system was at stake in this matter. Unfortunately, the court has put private interests above the public interest by limiting the public's right of access to judicial documents. 

“This case involved egregious, vast and systemic criminal conduct by one of the world's largest banks profiting from money laundering for narco-terrorists and rogue nuclear states. Accountability of the executive branch and the judiciary is fundamental to a democracy. However, there can be no oversight and, therefore, no accountability without transparency. Today's decision prevents the public once again from knowing what one of the biggest lawbreaking financial institutions in the world is doing to comply with the law or even if it is complying with the law. Moreover, the Department of Justice outsourced its job to a private monitor paid by the bank. No one will ever truly know if he is doing his job or whether the DOJ is doing theirs.”

 

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.

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