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Across the world, HSBC likes to sell itself as ‘the world’s local bank’, the friendly face of corporate and personal finance. And yet, a decade ago, the same bank was hit with a record US fine of $1.9 billion for facilitating money laundering for ‘drug kingpins and rogue nations’. In pursuit of their goal of becoming the biggest bank in the world, between 2003 to 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 and thereby grow one of the deadliest drugs empires the world has ever seen.

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 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?

If attention is the new oil, Ben Smith’s Traffic is the story of the time between the first gusher and the impact of climate change. The curtain opens in Soho in the early 2000s, after the first dotcom crash but before Google, Apple, and Facebook exploded, when it seemed that New York City rather than Silicon Valley might become tech’s center of gravity. There, within a few square blocks, Nick Denton’s merry band of nihilists at his growing Gawker empire and Jonah Peretti’s sunnier crew at HuffPost and BuzzFeed were building the foundations of viral internet media. It was tech’s age of innocence: the old establishment might have been discredited by the Iraq War, but digital news would facilitate the spread of truth. After all, didn’t progressive activists online get Barack Obama elected?

Ben Smith, who would go on to earn a controversial reputation as BuzzFeed’s editor-in-chief, was there to see it, and he chronicles it all with marvelous lucidity scored with dark wit, sparing no one—and certainly not himself. Smith tells a nuanced story: yes, Denton’s ideology of radical transparency was problematic, but at least he had an ideology. Jonah Peretti survived long after Denton’s Gawker perished because his focus on clicks was relentlessly content-agnostic. But unintended consequences began to snowball.

Traffic explores one of the great ironies of our time: the internet, which was going to help the left remake the world in its image, has become the motive force of right populism. People like Steve Bannon and Andrew Breitbart and Gavin McInnes and Chris Poole, the creator of 4chan, all seemed like minor characters in the narrative in which Nick and Jonah and crew were the stars. By 2020, any reasonable observer might wonder if the opposite wasn’t the case. To understand how we got here, Traffic is essential and enthralling reading.