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HomeStandard Chartered Scandal: Crime Pays
Posted by Larry Doyle on August 8th, 2012 9:07 AM |
If in fact — and as reported — the UK-based Standard Chartered Bank is fined a token $700 million for the violation of American sanctions in dealing with Iran, then we are left with only one conclusion: CRIME PAYS. (A second conclusion would be that our regulators and government officials are in the pockets of the banks BUT we already knew that.)
There are allegedly $250 billion worth of transactions in question in this Standard Chartered scandal. A slap on the wrist of $700 million would equate to less than .3 of 1% (.003) for dealing with the crowd that would like to see Israel obliterated. (more…)
Standard Chartered: Friends Like This, Who Needs Enemies
Posted by Larry Doyle on August 7th, 2012 9:07 AM |
Dealing with terrorists, weapons dealers, drug lords, and corrupt regimes would all seem to take a back seat to the pursuit of profit and revenue at the UK-based Standard Chartered Bank.
In what has to be a new low in terms of financial intermediation, the crowd at Standard Chartered stands accused this morning by the New York State Department of Financial Services of being a rogue institution.
In what might seem to be a potential script for a Harrison Ford thriller but is regrettably all too real, the Financial Times hits Standard Chartered hard in reporting, StanChart Shares Hit Over Iran Probe,
Shares in Standard Chartered plunged nearly 25 per cent on Tuesday after the New York State financial regulator accused the UK bank of hiding $250bn of transactions with the Iranian government. (more…)
