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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

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From: 2MAR$	8/8/2012 3:22:39 AM
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Standard Chartered Falls Most in 24 Years on Iran Laundering Probe (Another Brit Bank behaving badly ?) bloomberg.com LONDON — Standard Chartered PLC saw around 8 billion pounds ($12.5 billion) wiped off its market value Tuesday after the New York state regulator accused the U.K. bank of being involved in laundering money for Iran, dealing a further blow to the City of London’s reputation as a financial center. New York State Department of Financial Services alleged on Monday that Standard Chartered schemed with the Iranian government to launder $250 billion from 2001 to 2007, leaving the U.S. financial system “vulnerable to terrorists.” The New York regulators called the bank a rogue institution and quoted one of its executives as saying: “You (expletive) Americans. Who are you to tell us, the rest of the world, that we’re not going to deal with Iranians.” Between 2004 and 2007, about half the period covered by the order, the department claims Standard Chartered hid from and lied about its Iranian transactions to the Federal Reserve Bank of New York. Before 2008, banks were allowed to transact some business with Iran, but only with full reporting and disclosure, the order states. http://www.washingtonpost.com/world/europe/standard-chartered-shares-trade-sharply-lower-following-us-allegations-of-money-laundering/2012/08/07/dc3b2592-e062-11e1-8d48-2b1243f34c85_story.html

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