WATCH: Matt Taibbi on Our Blind Eye to Shockingly Bad Behavior

FILE - This May 11, 2012, file photo shows the corporate logo for HSBC hangs on a wall outside an office for the London-based
FILE - This May 11, 2012, file photo shows the corporate logo for HSBC hangs on a wall outside an office for the London-based multinational bank in New York. When the Justice Department announced its record $1.9 billion settlement against British bank HSBC last week, prosecutors called it a powerful blow to a dysfunctional institution accused of laundering money for Iran, Libya and Mexico's murderous drug cartels. But to some former federal prosecutors, it was only the latest case of the government stopping short of bringing criminal money laundering charges against a big bank or its executives. (AP Photo/Mark Lennihan, File)

I spoke with Matt Taibbi about the Obama administration's approach to holding banks accountable for their behavior -- he said early indications are not promising. Taibbi argues that fearing another economic calamity is no excuse for turning a blind eye to shockingly unethical decisions and management.

"The rule of law isn't really the rule of law if it doesn't apply equally to everybody. If you're going to put somebody in jail for having a joint in his pocket, you can't let higher ranking HSBC officials off for laundering $800 million for the worst drug dealers in the entire world," Taibbi said. "Eventually it eats away at the very fabric of society."

Watch Bill's full conversation with Matt Taibbi on this weekend's Moyers & Company.