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Too Big to Jail: Inside HSBC, the Mexican drug cartels and the greatest banking scandal of the century
‘Packed with insights and details that will both amaze and appal you’ – Oliver Bullough, author of Moneyland and Butler to the World
From journalist Chris Blackhurst, Too Big to Jail unveils how HSBC facilitated mass money laundering schemes for brutal drug kingpins and rogue nations – and thereby helped to grow one of the deadliest drugs empires the world has ever seen.
While HSBC likes to sell itself as ‘the world’s local bank’ – the friendly face of corporate and personal finance – it was one decade ago hit with a record US fine of $1.9 billion. In pursuit of their goal of becoming the biggest bank in the world, between 2003 and 2010, HSBC allowed El Chapo and the Sinaloa cartel, one of the most notorious and murderous criminal organizations in the world, to turn its ill-gotten money into clean dollars.
How did a bank, which boasts ‘we’re committed to helping protect the world’s financial system on which millions of people depend, by only doing business with customers who meet our high standards of transparency’ come to facilitate Mexico’s richest drug baron? And how did a bank that as recently as 2002 had been named ‘one of the best-run organizations in the world’ become so entwined with one of the most barbaric groups of gangsters on the planet?
Too Big to Jail is an extraordinary story, brilliantly told by writer, commentator and former editor of The Independent , Chris Blackhurst, that starts in Hong Kong and ranges across London, Washington, the Cayman Islands and Mexico, where HSBC saw the opportunity to become the largest bank in the world, and El Chapo seized the chance to fuel his murderous empire by laundering his drug proceeds through the bank. It brings together an extraordinary cast of politicians, bankers, drug dealers, FBI officers and whistle-blowers, and asks what price does greed have? Whose job is it to police global finance? And why did not a single person go to prison for facilitating the murderous expansion of a global drug empire?
From journalist Chris Blackhurst, Too Big to Jail unveils how HSBC facilitated mass money laundering schemes for brutal drug kingpins and rogue nations – and thereby helped to grow one of the deadliest drugs empires the world has ever seen.
While HSBC likes to sell itself as ‘the world’s local bank’ – the friendly face of corporate and personal finance – it was one decade ago hit with a record US fine of $1.9 billion. In pursuit of their goal of becoming the biggest bank in the world, between 2003 and 2010, HSBC allowed El Chapo and the Sinaloa cartel, one of the most notorious and murderous criminal organizations in the world, to turn its ill-gotten money into clean dollars.
How did a bank, which boasts ‘we’re committed to helping protect the world’s financial system on which millions of people depend, by only doing business with customers who meet our high standards of transparency’ come to facilitate Mexico’s richest drug baron? And how did a bank that as recently as 2002 had been named ‘one of the best-run organizations in the world’ become so entwined with one of the most barbaric groups of gangsters on the planet?
Too Big to Jail is an extraordinary story, brilliantly told by writer, commentator and former editor of The Independent , Chris Blackhurst, that starts in Hong Kong and ranges across London, Washington, the Cayman Islands and Mexico, where HSBC saw the opportunity to become the largest bank in the world, and El Chapo seized the chance to fuel his murderous empire by laundering his drug proceeds through the bank. It brings together an extraordinary cast of politicians, bankers, drug dealers, FBI officers and whistle-blowers, and asks what price does greed have? Whose job is it to police global finance? And why did not a single person go to prison for facilitating the murderous expansion of a global drug empire?
320 pages, Paperback
Published September 26, 2023
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1011 people want to read
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Displaying 1 - 30 of 40 reviews
September 16, 2025
The chapters are very disconnected from each other. Only about 30% of the book really talks about HSBC, so I felt the title a little misleading.
March 16, 2023
Yet another case study in what we already know too well: when you’re rich and powerful, you can get away with virtually anything. And so it was with giant banking corporation, HSBC. This investigation details how the bank, in an effort to grow its profitability, essentially turned a blind eye to the staggering money laundering that it was facilitating in its Mexican operations (as well as other places).
In particular, HSBC helped notorious drug trafficker, El Chapo, to clean BILLIONS of his illicit funds over about a decade. What's even more shocking is that none of the methods used were particularly sophisticated; Chapo’s lackeys would literally walk into HSBC branches with bags of cash in $1 bills, and deposit them into HSBC’s offshore branches. Simple as.
To add to the insanity, when all this was discovered - and it didn’t take much to discover it - authorities in the US and UK declined to prosecute HSBC, citing the potential of a global economic collapse.
The irony is that as I write this, several American banks (including SVB) have collapsed or are on the brink of collapse. These people just don’t learn.
If you want to get riled up at the global order, read this book.
In particular, HSBC helped notorious drug trafficker, El Chapo, to clean BILLIONS of his illicit funds over about a decade. What's even more shocking is that none of the methods used were particularly sophisticated; Chapo’s lackeys would literally walk into HSBC branches with bags of cash in $1 bills, and deposit them into HSBC’s offshore branches. Simple as.
To add to the insanity, when all this was discovered - and it didn’t take much to discover it - authorities in the US and UK declined to prosecute HSBC, citing the potential of a global economic collapse.
The irony is that as I write this, several American banks (including SVB) have collapsed or are on the brink of collapse. These people just don’t learn.
If you want to get riled up at the global order, read this book.
December 28, 2024
Competently written. Informative as to its subject matter. Covers a notable event.
Somewhat flaccid.
I don't exactly know why I can't be full throated in my endorsement. Perhaps it is because it feels written at 90,000 feet at times, lacking a true feel for the individual events that formed the ongoing laundering scheme. Or, because it lacks a tight individual wrapping narrative (like Greensill), the obvious criminality with billions of dollars somehow feels too small beans. I know it seems dismissive, but it was primarily one international branch of HSBC that got enmeshed in "When in Rome, do as the Romans do" with the cartels.
This does not mean the story isn't worth telling, and I suspect in part explains why New Zealand lawyers now find themselves buried in Anti-Money Laundering compliance requirements. The inability of one sector to police itself means others must now also pick up the slack.
So consider this a half hearted endorsement. It's a story of what can happen in the banking industry, without quite the linking (though there are implications via HSBC's strategy for growth and the hackneyed Risk analogy) to whether it's a global issue. I'm glad I read it, I'm just not compelled by it.
Somewhat flaccid.
I don't exactly know why I can't be full throated in my endorsement. Perhaps it is because it feels written at 90,000 feet at times, lacking a true feel for the individual events that formed the ongoing laundering scheme. Or, because it lacks a tight individual wrapping narrative (like Greensill), the obvious criminality with billions of dollars somehow feels too small beans. I know it seems dismissive, but it was primarily one international branch of HSBC that got enmeshed in "When in Rome, do as the Romans do" with the cartels.
This does not mean the story isn't worth telling, and I suspect in part explains why New Zealand lawyers now find themselves buried in Anti-Money Laundering compliance requirements. The inability of one sector to police itself means others must now also pick up the slack.
So consider this a half hearted endorsement. It's a story of what can happen in the banking industry, without quite the linking (though there are implications via HSBC's strategy for growth and the hackneyed Risk analogy) to whether it's a global issue. I'm glad I read it, I'm just not compelled by it.
June 15, 2024
Absolutely stunning book about what happens when certain firms become literally too big to fail or jail and the inevitable consequences passed on to everybody else. "Too Big to Jail" by Chris Blackhurst, paints global financial giant HSBC in an unflattering light to say the least.
Chronologically the author starts with the start of the firm and traces its somewhat staid growth. Until the bank changes their culture and focus on GROWTH AT ALL COSTS! And they were not messing around.
Lack of fundamental oversights, ignoring any checks and balances and openly laundering money for warlords and cartels. Exponential growth with complete disregard to any standards or ethics.
The author writes with great precision and attention to detail.
Unbelievable book which will leave you shaking your head at just how "selective" justice truly can be.
Chronologically the author starts with the start of the firm and traces its somewhat staid growth. Until the bank changes their culture and focus on GROWTH AT ALL COSTS! And they were not messing around.
Lack of fundamental oversights, ignoring any checks and balances and openly laundering money for warlords and cartels. Exponential growth with complete disregard to any standards or ethics.
The author writes with great precision and attention to detail.
Unbelievable book which will leave you shaking your head at just how "selective" justice truly can be.
June 10, 2023
Classic example of, it's not you, it's me. I listened to this on audiobook and just kept zoning out which made it more difficult to follow when I was fully tuned it so overall I feel like I only half read this book.
May 16, 2025
I didn’t realize what a massive scandal the HSBC scandal was until I read this book.
It tied in the chapo story really well and brought a drug/crime vibe to the book to make it less financey.
It does leave you with thoughts on how the government should handle white collar cases when int pertains these larger than life corporations.
The reason HSBC never saw criminal charges or were revoked their US banking license was due to the bank being “too large” and would by default cause mass destruction to the economy. However I ask… would it though? Despite these corporations having massive play in the economy, how much impact does that company alone truly have over the economy to cause mass destruction? It raises the question, is that a cop out excuse to not prosecute white collar individuals and corporations, but meanwhile prosecuting lower income people for minor misdemeanor, non violent crimes and locking them up in prison for however long. It shows the classism we have in our society along with a hypocrisy that we as citizens must obey the law or there will be consequences, however the consequences only apply to the middle class and poor, never the rich or corporations.
The book was super interesting and insightful. However it did lose me a bit and lost interest at times but it was good nonetheless.
3.5 ⭐️
It tied in the chapo story really well and brought a drug/crime vibe to the book to make it less financey.
It does leave you with thoughts on how the government should handle white collar cases when int pertains these larger than life corporations.
The reason HSBC never saw criminal charges or were revoked their US banking license was due to the bank being “too large” and would by default cause mass destruction to the economy. However I ask… would it though? Despite these corporations having massive play in the economy, how much impact does that company alone truly have over the economy to cause mass destruction? It raises the question, is that a cop out excuse to not prosecute white collar individuals and corporations, but meanwhile prosecuting lower income people for minor misdemeanor, non violent crimes and locking them up in prison for however long. It shows the classism we have in our society along with a hypocrisy that we as citizens must obey the law or there will be consequences, however the consequences only apply to the middle class and poor, never the rich or corporations.
The book was super interesting and insightful. However it did lose me a bit and lost interest at times but it was good nonetheless.
3.5 ⭐️
September 14, 2023
A well-written, detailed exploration of the HSBC money-laundering scandal which is sure to make you angry.
Unfortunately, the audio version is read by the author, whose skills as a narrator are rather lacking. This made for a rather tiresome listen, and in retrospect I wish I had opted for the print version.
Unfortunately, the audio version is read by the author, whose skills as a narrator are rather lacking. This made for a rather tiresome listen, and in retrospect I wish I had opted for the print version.
September 25, 2024
Very interesting but generally depressing. Falls off by the end
April 22, 2023
Sure this is a book that exposes HSBC bank's negligence to monitor money laundering and sanction violation transactions, in particular on the Mexico drug lord's (Chapo) use of HSBC banking services in USA and Mexico. Definitely an eye opener to the public who got little knowledge in this domain ... even to HSBC staff whose scope of work did not cross into relevant functions requiring such compliances. Being an ex-HSBC staff, I am surprised upon reading the details, which does not match with my perception of what the bank's group management style was in the period when that happened ... seems to me they are a bunch of hypocrites.
After amassing all the evidence on HSBC's multi-year operations that failed to report, stop and control the drug cartel's leverage of HSBC banking system, in 2012 the US Justice Department (for various rationale ... too big to jail being one) did not proceed to prosecute the bank or its executives ... instead just posted a 5 years DPA (Deferred Prosecution Agreement) with $1.92 billion fines on HSBC (equivalent to 5 weeks of the HSBC's profit only), plus process improvements in KYC (know your customer) and anti money laundering. The author has summarized the DoJ's Statement of Facts on the case in page 232 of chapter 12 "All the way to the top".
Even though the reform of HSBC to prevent similar misshape brought in a person to monitor HSBC's clean up during the 5 years DPA, it was noted in reports that HSBC was not yet adequately managing financial crime risk. Cases in 2018 and 2019 led to HSBC paying a penalty of $101.5 million and $192.35 million respectively to the US Justice Department relating to HSBC traders 'front-running' foreign exchange transactions and HSBC Switzerland conspiring with clients to commit US tax fraud.
The final chapter touched on how some of the HSBC fines were put to good use to various law-enforcement agencies in the US. For readers coming to this chapter, one will surely agree to the author's view on the case as quoted below ...
"A civil penalty paid by the corporation, indirectly by the shareholders, was nothing like the bank and its senior executives being tried and found guilty, and embarrassing and undermining as it might be, imposing a fine does not cause the bank to suffer. For HSBC, it is simply an additional cost that needs to be submitted like any other ongoing expense of running such a huge enterprise. It's the sum the bank has paid to avoid justice, an option that is not available to an ordinary citizen."
The ultimate disappointment raised by the author was that numerous individuals, including HSBC executives, lawyers, US Justice Department senior personnel etc were offered better positions in public or private firms in due course ... implying their decision on cases like the HSBC based on too big to jail brought them the kind of revolving door opportunities, as the chapter is titled as "Overlapping Circles". Again quoting from the chapter ...
"One influence, never admitted, is that human nature plays a part and the officials, lawyers and advisers found it hard to press for convictions against people who were so like themselves. Hitting a bank with a financial penalty is one thing; bringing criminal charges ... sending them to jail, ruining them and their families, that is quite another."
After amassing all the evidence on HSBC's multi-year operations that failed to report, stop and control the drug cartel's leverage of HSBC banking system, in 2012 the US Justice Department (for various rationale ... too big to jail being one) did not proceed to prosecute the bank or its executives ... instead just posted a 5 years DPA (Deferred Prosecution Agreement) with $1.92 billion fines on HSBC (equivalent to 5 weeks of the HSBC's profit only), plus process improvements in KYC (know your customer) and anti money laundering. The author has summarized the DoJ's Statement of Facts on the case in page 232 of chapter 12 "All the way to the top".
Even though the reform of HSBC to prevent similar misshape brought in a person to monitor HSBC's clean up during the 5 years DPA, it was noted in reports that HSBC was not yet adequately managing financial crime risk. Cases in 2018 and 2019 led to HSBC paying a penalty of $101.5 million and $192.35 million respectively to the US Justice Department relating to HSBC traders 'front-running' foreign exchange transactions and HSBC Switzerland conspiring with clients to commit US tax fraud.
The final chapter touched on how some of the HSBC fines were put to good use to various law-enforcement agencies in the US. For readers coming to this chapter, one will surely agree to the author's view on the case as quoted below ...
"A civil penalty paid by the corporation, indirectly by the shareholders, was nothing like the bank and its senior executives being tried and found guilty, and embarrassing and undermining as it might be, imposing a fine does not cause the bank to suffer. For HSBC, it is simply an additional cost that needs to be submitted like any other ongoing expense of running such a huge enterprise. It's the sum the bank has paid to avoid justice, an option that is not available to an ordinary citizen."
The ultimate disappointment raised by the author was that numerous individuals, including HSBC executives, lawyers, US Justice Department senior personnel etc were offered better positions in public or private firms in due course ... implying their decision on cases like the HSBC based on too big to jail brought them the kind of revolving door opportunities, as the chapter is titled as "Overlapping Circles". Again quoting from the chapter ...
"One influence, never admitted, is that human nature plays a part and the officials, lawyers and advisers found it hard to press for convictions against people who were so like themselves. Hitting a bank with a financial penalty is one thing; bringing criminal charges ... sending them to jail, ruining them and their families, that is quite another."
December 10, 2024
I was very excited to read this book but it turned out to be a disappointment. It has an interesting promise: the role of a major world bank in aiding narcoterrorism. Unfortunately, that's all it has. Blackhurst provides an in-depth summary of the history of HSBC, a glimpse at narcoterrorism in Mexico, and a thousand tangents into mildly relevant players. At various points in the book, I forgot it was meant to be about HSBC and narcoterrorism! In Blackhurst's defense, he does state how much of the information is obscured behind legal protections. But in that case- why does this book exist? There is no analysis of the situation, not even an in-depth discussion. Why couldn't it have stayed as a journal article or think-piece? Instead, it's a bloated book written to capitalize on hot press keywords.
I also had the displeasure of listening to the audiobook. In most cases I am beyond delighted to find an author who does their own narration as even a professional voice actor cannot know the full depths of authorial intent. Blackhurst gives me the opposite case study. Whether it be hubris or a severely constrained budget (in which case why offer an audiobook in the first place?), Blackhurst did his own narration. But Blackhurst does not speak Spanish. In fact, he seems to have never encountered the Spanish language. I am a native Spanish speaker and I could not understand a lick of the quotes Blackhurst decided to include. From pronouncing "Ciudad" from Ciudad Juarez as "queue-dad" to mispronouncing the name of one of the major players- El Chapo himself, I almost had to stop listening. I doubt Blackhurst even consulted someone who is aware Spanish exists, much less a translator. At one point he mentions "pendejo" as meaning "pubic hair." While that is true, it ignores the reality of the usage of such a word. At another point, when quoting from a text message sent by El Chapo, he mentions the "myserious" word that no one could figure out the meaning to: minisplit. It is left as a mystery of this uneducated man. Anyone who knows anything, though, knows that refers to an AC unit.
I also had the displeasure of listening to the audiobook. In most cases I am beyond delighted to find an author who does their own narration as even a professional voice actor cannot know the full depths of authorial intent. Blackhurst gives me the opposite case study. Whether it be hubris or a severely constrained budget (in which case why offer an audiobook in the first place?), Blackhurst did his own narration. But Blackhurst does not speak Spanish. In fact, he seems to have never encountered the Spanish language. I am a native Spanish speaker and I could not understand a lick of the quotes Blackhurst decided to include. From pronouncing "Ciudad" from Ciudad Juarez as "queue-dad" to mispronouncing the name of one of the major players- El Chapo himself, I almost had to stop listening. I doubt Blackhurst even consulted someone who is aware Spanish exists, much less a translator. At one point he mentions "pendejo" as meaning "pubic hair." While that is true, it ignores the reality of the usage of such a word. At another point, when quoting from a text message sent by El Chapo, he mentions the "myserious" word that no one could figure out the meaning to: minisplit. It is left as a mystery of this uneducated man. Anyone who knows anything, though, knows that refers to an AC unit.
October 20, 2024
A well-crafted, meticulously detailed account of how HSBC knowingly allowed El Chapo and his Sinaloa cartel in Mexico to laundered money through the bank’s Mexico and Cayman Islands branches between 2003 and 2010. By focusing on particular individuals caught up in the scandal whether it was HSBC staff in Mexico or executives at HQ in London, cartel members, US investigators, or the Mexican authorities, the book builds a narrative that is easy to follow and engaging.
HSBC at the time was focused on its recent acquisition of Household in the US, its strategy for growth and scale and its ‘sell, sell, sell’ approach by staff to become the world’s largest bank as well as the best investment bank.
The purchased of Bitel (the fifth largest bank in Mexico) which had a Cayman Island banking license, allowed HSBC to assist El Chapo to funnel money through the bank. HSBC came to be known as the ‘bank of choice for the cartel’.
Ironically, it was George Osborne, who served as Chancellor of the Exchequer from 2010 to 2016 (under Cameron), among other players, who persuaded the US government that any criminal prosecution of HSBC and its executives for money laundering would result in a global financial meltdown. The US in turn imposed a deferred prosecution agreement (i.e. executives’ pay returned, anti- money laundering reform procedures and pay a fine of $1.9 billion.) which raises the question posed by the book’s title.
This is Chris Blackhurst’s (former editor of the Independent and the Evening Standard) first book.
A book for anyone who enjoys reading about corporate scandal; one does not need to understand the ins and outs of how a bank functions.
HSBC at the time was focused on its recent acquisition of Household in the US, its strategy for growth and scale and its ‘sell, sell, sell’ approach by staff to become the world’s largest bank as well as the best investment bank.
The purchased of Bitel (the fifth largest bank in Mexico) which had a Cayman Island banking license, allowed HSBC to assist El Chapo to funnel money through the bank. HSBC came to be known as the ‘bank of choice for the cartel’.
Ironically, it was George Osborne, who served as Chancellor of the Exchequer from 2010 to 2016 (under Cameron), among other players, who persuaded the US government that any criminal prosecution of HSBC and its executives for money laundering would result in a global financial meltdown. The US in turn imposed a deferred prosecution agreement (i.e. executives’ pay returned, anti- money laundering reform procedures and pay a fine of $1.9 billion.) which raises the question posed by the book’s title.
This is Chris Blackhurst’s (former editor of the Independent and the Evening Standard) first book.
A book for anyone who enjoys reading about corporate scandal; one does not need to understand the ins and outs of how a bank functions.
This entire review has been hidden because of spoilers.
October 19, 2023
Exciting story that's horribly written. A good example of a well written book that chronicles a financial crime is "Wizard of Lies" by Diana B. Henriques.
This book introduces the character but stops reminding you who they are, with so many names involved in a financial crime, the author wrote it in a way as though we're supposed to remember who they are. So each time a character is reintroduced, I will need to flip to previous pages to remind myself who this person is and what role she or he plays.
There is extremely bad paragraphing, a paragraph can last for 2 pages without breaking things down and this isn't just one instances. As per what the other low rating reviews mentioned, "horrible narrative" and "important story, dully told".
I'm sorely disappointed since Chris was an editor and an award winning journalist, I'd expect better work.
This book introduces the character but stops reminding you who they are, with so many names involved in a financial crime, the author wrote it in a way as though we're supposed to remember who they are. So each time a character is reintroduced, I will need to flip to previous pages to remind myself who this person is and what role she or he plays.
There is extremely bad paragraphing, a paragraph can last for 2 pages without breaking things down and this isn't just one instances. As per what the other low rating reviews mentioned, "horrible narrative" and "important story, dully told".
I'm sorely disappointed since Chris was an editor and an award winning journalist, I'd expect better work.
September 8, 2022
This is a beautifully written, thoughtful review of our failure to hold bankers and big corporations to account for the devastating consequences of their greed and recklessness. By focusing on HSBC's money laundering, not just our 2007/8 failure to jail the bankers for subprime follies, it brings an important contemporary perspective to this critical issue. Chris Blackhurst exposes the loathsome Christian self-righteousness of his main protagonist Stephen Green (the executive chairman of HSBC) without resorting to negative adjectives that could be too easily dismissed. What comes through is the utter mediocrity of the managerialism of this organisation and its ex-McKinsey figurehead. Hannah Arendt's notion of the "banality of evil" comes to mind over and over again.
December 31, 2022
It took me a little bit to get into this book, but once I did man was I hooked. It is an in-depth expose of the banking system but done through a single-case study-- aka HSBC and how they were so greedy they ended up getting in bed with drug cartels and then only starting to sorta care when it affected their bottom line (and then not really).
By the end I had a sore belly cause of the number of times I laughed at the outlandish things that were occurring (because it is amazing that drug cartels laundered money through HSBC banks in Mexico by putting their money in a briefcase deposited through a money chute when the banks where closed) and quite happy that I've never banked with them (but totally now wondering what shenanigans my bank is getting up to...).
By the end I had a sore belly cause of the number of times I laughed at the outlandish things that were occurring (because it is amazing that drug cartels laundered money through HSBC banks in Mexico by putting their money in a briefcase deposited through a money chute when the banks where closed) and quite happy that I've never banked with them (but totally now wondering what shenanigans my bank is getting up to...).
January 20, 2026
Too Big to Jail is as interesting as it is infuriating. It tells tales of HSBC's systemic overlooking of basic due diligence in pursuit of profit. I picked up the book out of professional interest, as I work in the anti-money laundering sector of banking. As a person interested in understanding how the capitalistic world works and leaves little concern for people, I found the book excellent. Yet as a professional, I found the book underwhelming as it lacked the depth I was hoping for.
Chris Blackhurst does a great job of telling the story of HSBC, from its roots in Hong Kong to its frenzied rise to become the world's number one bank in the early 2000s. He also does a good job of explaining how HSBC Mexico helped El Chapo, the biggest drug lord at the time, launder money (knowingly, for the most part, by the company as a whole, while some executives were happy not to ask questions). However, as a professional, I craved something that went into more depth in order to understand the technicalities and how the most obvious money laundering schemes were overlooked by so many people.
The book is still a nice read and makes the important point that the economies of capitalistic countries are so heavily tied to the biggest financial institutions that some of them, such as HSBC, are 'too big to jail' and manage to avoid serious consequences for their actions. In this case, HSBC was fined an amount barely equivalent to five weeks' profit, which sounded ridiculous at the time, given the sheer scale of the money laundering.
Chris Blackhurst does a great job of telling the story of HSBC, from its roots in Hong Kong to its frenzied rise to become the world's number one bank in the early 2000s. He also does a good job of explaining how HSBC Mexico helped El Chapo, the biggest drug lord at the time, launder money (knowingly, for the most part, by the company as a whole, while some executives were happy not to ask questions). However, as a professional, I craved something that went into more depth in order to understand the technicalities and how the most obvious money laundering schemes were overlooked by so many people.
The book is still a nice read and makes the important point that the economies of capitalistic countries are so heavily tied to the biggest financial institutions that some of them, such as HSBC, are 'too big to jail' and manage to avoid serious consequences for their actions. In this case, HSBC was fined an amount barely equivalent to five weeks' profit, which sounded ridiculous at the time, given the sheer scale of the money laundering.
August 14, 2023
It is the same old story after the 2008 financial melt down. These big corporations are so profit oriented that they factor punishment into their bottom line. The other recurring theme is the tight knit white collar network that provides bankers, politicians, lawyers protections to each other. While reading this book, I wonder if other USA banks are doing the same thing but are able to get away from it because they are American.
Read
September 25, 2024A perfect example of how there are 2 laws, one for the big corporations and banks and the other for the rest of us. Just like in 2008 with the government bail-out of the top banks and investment firms, we did it again by failing to prosecute HSBC bank for years of openly laundering money for the Mexican drug cartels. When it was determined they were guilty, they got a fine worth 5 weeks of their profits, a slap on the wrist for HSBC.
That bank should have been shut down long ago.
That bank should have been shut down long ago.
March 18, 2025
A brilliant non fiction financial crisis book
I love this nonfiction book on the HSBC in the 2010 and their banking activities where money laundry was ridiculous high by the drug cartel organization.
It certainly shocked me and had me on edge when I read each chapter. To say that I was shocked at the end is an understatement.
Overall a great read and highly recommended for anyone doing financial Accounting studies.
Best wishes Sean
I love this nonfiction book on the HSBC in the 2010 and their banking activities where money laundry was ridiculous high by the drug cartel organization.
It certainly shocked me and had me on edge when I read each chapter. To say that I was shocked at the end is an understatement.
Overall a great read and highly recommended for anyone doing financial Accounting studies.
Best wishes Sean
November 6, 2022
I read /Too Big to Jail: Inside HSBC, the Mexican drug cartels and the greatest banking scandal of the century/, by Chris Blackhurst:
https://reaction.life/watch-iain-mart...
Fascinating story about how HSBC became the bank to accept cash deposit and launder money for El Chapo and the Sinaloa cartel.
https://reaction.life/watch-iain-mart...
Fascinating story about how HSBC became the bank to accept cash deposit and launder money for El Chapo and the Sinaloa cartel.
February 9, 2023
Quite simply eye-popping.
Reading more like a fast-paced novel, Too Big to Jail hooks you in from the start and draws you into an incredible tale which is both enthralling and appalling.
Having enjoyed his perspectives and viewpoints in newspapers for many years, this is a tour de force, and I sincerely hope it is the first of many books by him as it s a cracking read.
Most excellent.
Reading more like a fast-paced novel, Too Big to Jail hooks you in from the start and draws you into an incredible tale which is both enthralling and appalling.
Having enjoyed his perspectives and viewpoints in newspapers for many years, this is a tour de force, and I sincerely hope it is the first of many books by him as it s a cracking read.
Most excellent.
October 1, 2024
It was a tough read for me as I found the banking side of the world was completely unknown. It was interesting to learn about a different ideology and farces that came with the HSBC banking. I enjoyed the narco side of it, much more than the banking but it was a good learning for anybody for something completely out of their comfort zone.
March 29, 2025
A focused summary of HSBC’s involvement in the dubious activities of the Sinaloa Cartel. It’s not the most riveting read as I think Blackhurst has deliberately avoided sensationalising & stuck to the facts. Nonetheless, it’s still worth your time to understand the parallels & the relationship between a seemingly reputable Global Bank & the largest Drug Cartel in the world.
July 22, 2025
Other than the occasionally occuring thread describing something unrelated to the core subject, the book was a good read. Also, I was hoping for more technical details about how the laundering was done.
The pace was well-maintained throughout the book and that is always welcome, as non-fiction reads often tend to miss the mark on that.
The pace was well-maintained throughout the book and that is always welcome, as non-fiction reads often tend to miss the mark on that.
August 10, 2025
The story is interesting and deserved to be told. However the author is so partial against HSBC that reading becomes uncomfortable. There are also a lot of repetitions of the key points, no doubt to fill the pages when content is lacking. Finally it would have been wise to perform additional couple of rounds of proof reading to avoid typos and other obtuse sentences.
March 10, 2023
The “too big to jail” mentality is shown to not just be used in relation to the GFC but other criminal activity that can destroy lives. Just further evidence of capitalist collusion maintaining privilege among a select few.
November 29, 2023
What a crazy story of HSBC helping the mexican drug cartels launder their american cash. They clearly put profit ahead of ethics... The UK government, especially the Tories, comes out looking pretty bad too.
August 9, 2022
Well researched by someone who has inside knowledge of the industry. Their day will come when they get their comeuppance. Narration by the author 3/5.
November 14, 2022
I learned of something I knew nothing about. 🙂
March 23, 2023
Horrible narrative!
August 25, 2023
Important story, dully told.
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