""...You f---ing Americans. Who are you to tell us, the rest of the world..."
So sayeth Standard Chartered Bank
http://www.reuters.com/article/2012/08/06/us-standardchartered-iran-idUSBRE8750VM20120806?feedType=RSS&feedName=topNews&rpc=71
Standard Chartered left U.S. vulnerable to terrorists
REUTERS/Bobby Yip
Mon Aug 6, 2012 1:46pm EDT
(Please be advised that paragraph 4 contains reference to language that some readers may find offensive)
By Jonathan Stempel and Carrick Mollenkamp
(Reuters) - A rogue Standard Chartered Plc banking unit violated U.S. anti-money laundering laws by scheming with Iran to hide more than $250 billion of transactions, and may lose its license to operate in New York State, a state banking regulator said on Monday. Benjamin Lawsky, superintendent of the state's department of financial services, said Standard Chartered Bank reaped hundreds of millions of dollars of fees by scheming with Iran's government despite U.S. economic sanctions to hide roughly 60,000 transactions from 2001 to 2010. Lawsky's order quotes a senior Standard Chartered official in London who, upon being advised by a North American colleague that its Iran dealings could cause "catastrophic reputational damage," reportedly replied:
"You f---ing Americans. Who are you to tell us, the rest of the world, that we're not going to deal with Iranians."
Lawsky said the unit of the London-based bank was "apparently aided" by its consultant Deloitte & Touche LLP, which hid details from regulators, and despite being under supervision by the Federal Reserve Bank of New York and other regulators for other compliance failures. The bank's actions "left the U.S. financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes, and deprived law enforcement investigators of crucial information used to track all manner of criminal activity," Lawsky said in an order made public on Monday.
"In short, Standard Chartered Bank operated as a rogue institution," Lawsky added.
snip
= new reply since forum marked as read
Maybe harry Reid should ask his campaign how much money he had invested in this bank
