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Mordida, gringo-style

8 February 2013

The bigger the bribe, the nicer the name. Pay 200 pesos to avoid a traffic fine and it’s called “mordida”.

Pay a billion dollars to avoid doing time for  aiding and abetting gangsters and mass murderers…  or destroying millions of families and it’s called  “deferred judgement”

Via Wonkette:

The lawsuit’s accusation against S&P sounds like a crime. The mordida-1firm, it charges, “knowingly and with intent to defraud, devised, participated in, and executed a scheme to defraud investors.” Yet federal investigators seem unable to identify any Wall Street executives to prosecute as criminals.

[...]

The Justice Department settles lawsuits with handsome fines, but no indictments…[HSBC] laundered at least $880 million in dollars for Mexican and Colombian drug cartels (often driving the cash over the US border in their own armored cars). HSBC paid a fine and was given what the Justice lawyers call a “deferred prosecution.”

UBS, the Swiss banking giant, was nailed for having manipulated the London-set bank loan rate that determines what borrowers in the US and around the world must pay in interest rates. UBS settled in cash.

We went to Mexico once and got pulled over for blowing through a stop sign. The cop was SUPER nice and said that we had incurred a fine, and if we just gave him the money for the fine, he would go on ahead and give it to the judge, and we would be saved the trouble of coming alllll the way back to Mexico for a trial and everything. It sounded like such a good deal, we took him up on it, gave him money (which he SURELY gave to the judge) and went on our merry way. This system appears to have been modeled after the American system for prosecuting white collar crime, minus a bunch of lawyers.

Maybe the reason Mexican justice seems “corrupt” is just that the bribes are too small.
3 Comments leave one →
  1. 8 February 2013 8:22 am

    Could have not said it better!! Did you e-mail this to “Letters to the Editor” Wall Street Journal. I know they would publish it!! Yeah right!!

  2. Lee permalink
    9 February 2013 5:40 pm

    Richard, you don’t know me, but when you get back from San Miguel, can you call me at 6691 203736?…please…you live in Maz?….I would like to meet you, it is always a pleasure to meet foreignors who know about Mexico…there are not many of us in Maz…thanks, take care

  3. 17 February 2013 5:39 pm

    Here’s the big banana, for anybody who cares about details:
    http://www.rollingstone.com/politics/news/gangster-bankers-too-big-to-jail-20130214

    And here’s Elizabeth Warren asking the regulators why they have failed to regulate:
    http://swampland.time.com/2013/02/15/elizabeth-warren-puts-financial-regulators-on-trial/

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