Yves Smith has been all over the Standard Chartered story
Yves Smith has been all over the Standard Chartered story:
- Reuters Runs Interference for Elite Corruption, Scrubs Article That Shows How Banks Get Out of Jail Free – 08/09/2012 – Yves Smith
- Standard Chartered Makes Empty Threat to Sue New York Regulator Over Iran Money Laundering – 08/09/2012 – Yves Smith
- NYS Order on Standard Chartered’s Iran Transfers Opens Up US, UK Regulatory Pig Fight – 08/08/2012 – Yves Smith
Also see this NYT article.
Probably a loophole created so that congress critters could shield their own shady financial transactions.
does anyone else find it odd that the only only two banks busted for money laundering, HSBC & standard chartered, are foreign based banks who dont contribute to domestic political campaigns?
or that the only two wall streeters convicted of insider trading, raj rajaratnam & rajat gupta, were born & educated in india?
RJS – its exactly what I expected, and why people like Corzine are not going to jail.
I have seen some reports that the Obama administration is really, really unhappy about the State of New York.
Diplomacy trumping the law, or politics trumping the law?
I believe the Obama administration has brought something like 80 insider trading cases.
Most did not get the publicity directed at Raj and Rajat.
And Corzine should be in a lockup somewhere.
RJS, the American banks were not even permitted to U-turn payments to foreign affiliates, so they had no reason to falsify transactions, they didn’t have any to falsify.