Banks Bankers Banking

**Lateralthinking1** · 07-08-12, 06:12

Originally posted by amateur51 View Post

The latest banking scandal ....?

Standard Chartered Bank illegally "schemed" with Iran to launder as much as $250bn (£161bn) for nearly a decade, a US regulator says. The New York State Department of Financial Services said that the bank hid 60,000 secret transactions for "Iranian financial institutions" that were subject to US economic sanctions. It labelled UK-based Standard Chartered a "rogue institution".The bank has been threatened with having its US banking licence revoked.

The allegations are far larger than those involving HSBC, which was recently accused by the US Senate of failing to prevent money laundering from countries around the world including Mexico and Iran. It has set aside $700m to deal with any fines and penalties arising from those allegations.

Standard Chartered bank 'in $250bn scheme with Iran'

http://www.bbc.co.uk/news/business-19155577

Standard Chartered illegally "schemed" with Iran for almost a decade to launder as much as $250bn (£161bn) in secret transactions, a US regulator says.

If only the banks had done as little damage to western economies as the Taliban. Is there anyone who now truly believes that we wouldn't all be in a better position if the entire, erm, industry had been given by Bush in a mad moment to the Axis of Evil?

**amateur51** · 07-08-12, 06:13

Fair points Calum, but I come back to the issue of how does the financial world regulate banks when, according to this report, they work to outflank even their own internal audit processes.

And we know what happens when banking regulation is deficient.

These are clever apparently deviant people doing things that are in the interest of whom?

**aka Calum Da Jazbo** · 07-08-12, 06:38

only a touch of sympathy ams! i detest the holier than thou yanks ....

1800 years for the rioters and bonuses for bankers .... not the right way round in terms of real damage done and psychopathic criminality ...

**Lateralthinking1** · 07-08-12, 06:46

Time to remind ourselves of all those old friends in high places. Alongside Nat Rothschild (3), Boris Johnson's brother Jo (8) and George Osborne (16), at number 5 is Ed Harris, described at the time of the Mail's article as follows:

He now works in the City and is head of Asian equity sales at Standard Chartered Bank in London.

Read more: http://www.dailymail.co.uk/news/arti...#ixzz22qADzIjI

**Lateralthinking1** · 07-08-12, 07:11

.......and it's probably worth mentioning Gerard Lyons, the bank's Chief Economist, Middle Eastern interests, anti-Euro, broadly supportive of Boris and a Mayoral adviser, close links with Sky. Seems to be a lot of politics in this banking business but none of it is in any sense understandable to the average voter, least of all me.

Gerard Lyons - Wikipedia

http://en.wikipedia.org/wiki/Gerard_Lyons