Through US Senator David Vitter I have learned that a whistleblower has revealed that at a meeting in March 2012 David Cameron urged Barack Obama not to prosecute HSBC in the US, because of the damage it would do to the bank’s ability to trade in the US.
I have not been able to trace the whistleblower yet, but the documents revealed in the US House of Representatives report Too Big to Jail:Inside the Obama Justice Department’s Decision Not to Hold Wall Street Accountable reveal sufficient detail to confirm the meeting.
It has already been established from that report that Osborne and the Financial Services Authority intervened with the US Justice Department and Treasury urging them not to prosecute the bank:
The report discloses various emails from or to Adewale Adeyemo (Wally), who was in the US Treasury Department, and the first one appears to refer directly to the meeting between Cameron and Obama (check the relative lengths of the redacted names):
The reason I am highlighting this is to show that if Cameron, Osborne and the FSA go to such lengths to protect HSBC in a foreign jurisdiction, it gives credence to the £1bn HSBC consumer fraud in the UK being covered up at the highest levels.