Another Sign the Banks Rule the US

Here is a solid interview with Matt Taibbi by Bill Moyers discussing how HSBC funneled money for known drug dealers. Despite this dubious behavior, the US Department of Justice (DOJ) slapped a fine equivalent to 5 weeks of earnings on HSBC. No one will go to jail over this. Some of the top execs may only get the 12 bedroom home in the Hamptons instead of the 16 bedroom palace, but outside that, no real punishment will take place. Of course, if you get caught smoking a joint in your own home, you may spend time in prison. This is an interview well worth the 15 minutes. I also included Taibbi's interview on Colbert in case you prefer your news with humor.

 Either way, this shows how devious Wall Street really is.

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Kirk Kinder, CFP® is the Founder of Picket Fence Financial, a fee-only financial planning and investment management company dedicated to saving folks from Wall Street with offices in the Clearwater/Palm Harbor Florida area. Picket Fence Financial does  this through a few different ways. One, our fee-only approach ensures our advice is tailored to our clients needs and not driven by commissions.  Two, we minimize costs for clients by utilizing low cost Exchange Traded Funds (ETF) and aligning our internal operations to keep our company costs down (and passing this along to our clients). Third, we offer a la carte planning, which means our clients decide how they want to work with us. Rather than forcing clients into our model of planning, we offer hourly, retainer, or asset management options (or a combination thereof).

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