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(SFGate)   After laundering $250B for Iran, Standard Charter now has to pay a $340M fine, promise not to let us see them laugh all the way to the bank   (sfgate.com) divider line 28
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845 clicks; posted to Business » on 15 Aug 2012 at 9:15 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-08-15 09:21:52 AM
Damn liberals and their business destroying regulations! Who will launder money for Iran now?
 
2012-08-15 09:53:55 AM
Let's see, corporations are people, a person helping Iran launder money would most certainly serve jail time and get put on terrorist watch lists, therefore, we need to put all the executives of this bank on watch lists and charge them personally with money laundering. Right?
 
2012-08-15 09:57:24 AM
Iran is on what's called the "E:1" export group of five countries that support terrorism. If you went on Amazon, bought a copy of Microsoft Windows and then shipped it to Iran, you would be arrested and tried, heavily fined, and probably imprisoned.

Just let that sink in for a minute, just in case you thought laws applied to anybody with money in any serious way.
 
2012-08-15 09:57:59 AM
I can't believe that the single grossed that much. I mean, back then billions of dollars was real money.
 
2012-08-15 10:01:42 AM
Instead of throwing every single banker from that bank that approved the transactions in jail, they get a financial slap on the wrist.

/The US is really hard on terrorism.
//When it's Muslims or brown people
 
2012-08-15 10:24:30 AM
At the fairly industry standard 2% for large fund management that's $5 Billion they made. Crazy.
 
2012-08-15 10:39:20 AM

Brontes: Let's see, corporations are people, a person helping Iran launder money would most certainly serve jail time and get put on terrorist watch lists, therefore, we need to put all the executives of this bank on watch lists and charge them personally with money laundering. Right?


Some people are more equal than others.
 
2012-08-15 10:43:14 AM

the_geek: At the fairly industry standard 2% for large fund management that's $5 Billion they made. Crazy.


They weren't managing the money, just facilitating transfers. We have no way of knowing how much standard chartered made on this $250b.

It seems like extortion anyway...they were insisting that only $14b was in violation of US law, insisting that they would pay more than $5m in fines until recently. The justice department was about to drop the case because they werent sure laws were violated.

Then the regulator threatens to arbitrarily pull their license unless the bank pays up.

Maybe there was significant wrongdoing, maybe there wasn't. But the articles I've read have made it look like govt extortion.
 
2012-08-15 11:05:16 AM

Debeo Summa Credo: the_geek: At the fairly industry standard 2% for large fund management that's $5 Billion they made. Crazy.

They weren't managing the money, just facilitating transfers. We have no way of knowing how much standard chartered made on this $250b.

It seems like extortion anyway...they were insisting that only $14b was in violation of US law, insisting that they would pay more than $5m in fines until recently. The justice department was about to drop the case because they werent sure laws were violated.

Then the regulator threatens to arbitrarily pull their license unless the bank pays up.

Maybe there was significant wrongdoing, maybe there wasn't. But the articles I've read have made it look like govt extortion.


Who was insisting it was only $14B in violation of US Law? SC? Or the US Gov?
 
2012-08-15 11:10:37 AM

the_geek: At the fairly industry standard 2% for large fund management that's $5 Billion they made. Crazy.


It wasn't a 2% fine, it wasn't even a 0.2% fine. It was LESS THAN 0.2% for a crime which, if performed by a person instead of a corporation, would get that person thrown in jail for the rest of their life and have 100% of all assets they own seized, down to the last grain of salt in their salt shaker.

$ome people are more equal than others.
 
2012-08-15 11:16:38 AM

dervish16108: Damn liberals and their business destroying regulations! Who will launder money for Iran now?


Derped in one. Do you even understand what happened here?
 
2012-08-15 11:49:55 AM
FTA:
The bank could pay as much as $1 billion in fines as it settles with other regulators

"The willingness of the DFS to accept a $340 million settlement sits oddly with its classification

Standard Chartered Plc rose as much as 5.1 percent in London after the bank settled a money


Every one of those lines is outrageous to me.
 
2012-08-15 12:06:53 PM
Today's score: Banksters 1 Human Race 0
 
2012-08-15 12:08:10 PM
At first I was like

i.telegraph.co.uk

but then I was like
www.nikinews.info
 
2012-08-15 12:19:20 PM

Debeo Summa Credo: They weren't managing the money, just facilitating transfers. We have no way of knowing how much standard chartered made on this $250b.

It seems like extortion anyway...they were insisting that only $14b was in violation of US law, insisting that they would pay more than $5m in fines until recently. The justice department was about to drop the case because they werent sure laws were violated.

Then the regulator threatens to arbitrarily pull their license unless the bank pays up.

Maybe there was significant wrongdoing, maybe there wasn't. But the articles I've read have made it look like govt extortion.
WHY WON'T THE BANK HAVE SEX WITH ME?!


Dude, you're just starting to sound tired and sad.
The schemes your beloved banks are running are increasingly brazen and yet they seem to incur diminishing penalties. And yet, as any intelligent poster will point out, any private citizen caught for the exact same thing would be in jail and their assets seized.
 
2012-08-15 12:43:24 PM
Jeez I wil jsut incorporate myself and launder money for 3rd world despots

1)launder money
2)Get caught
3)Profit
 
2012-08-15 12:50:51 PM

Brontes: Let's see, corporations are people, a person helping Iran launder money would most certainly serve jail time and get put on terrorist watch lists, therefore, we need to put all the executives of this bank on watch lists and charge them personally with money laundering. Right?


"Corporation: An ingenious device for obtaining individual profit without individual responsibility" - Ambrose Bierce
 
2012-08-15 01:18:02 PM

BolloxReader: I can't believe that the single grossed that much. I mean, back then billions of dollars was real money.


Dammit! Thanks for the ear worm.

\so far awaaay
\\Couldn't get away....
 
2012-08-15 01:31:24 PM
America: Corporations Are Better Than People

Much better than "The Land Of The Free"
 
2012-08-15 01:47:08 PM

Sergeant Grumbles: Debeo Summa Credo: They weren't managing the money, just facilitating transfers. We have no way of knowing how much standard chartered made on this $250b.

It seems like extortion anyway...they were insisting that only $14b was in violation of US law, insisting that they would pay more than $5m in fines until recently. The justice department was about to drop the case because they werent sure laws were violated.

Then the regulator threatens to arbitrarily pull their license unless the bank pays up.

Maybe there was significant wrongdoing, maybe there wasn't. But the articles I've read have made it look like govt extortion. WHY WON'T THE BANK HAVE SEX WITH ME?!

Dude, you're just starting to sound tired and sad.
The schemes your beloved banks are running are increasingly brazen and yet they seem to incur diminishing penalties. And yet, as any intelligent poster will point out, any private citizen caught for the exact same thing would be in jail and their assets seized.


Any private person would be more likely to go to court to challenge the assertions of regulators. Largr corporations, subject to licensing and concerned about public relations, are much more likely to pay a huge fine, disproportionate to any profit realized, to make it go away.

It's sad that you can't recognize this.
 
2012-08-15 02:26:22 PM
a pititanceof a fine compared to the amount the launder , that just sick.

I seriously someone goes to prison over this .

it is well way past time for a bank is made an example of for its illegal activities and not let off with just a fine.
 
2012-08-15 02:31:42 PM

Debeo Summa Credo: But the articles I've read have made it look like govt extortion.


Funny way to word it....
 
2012-08-15 03:26:07 PM
Once again, I question my career choice.

/McGruff the crime dog LIES! Crime DOES pay
 
2012-08-15 03:57:08 PM
BCCI probably funded the 911 attacks and yet no one was investigated for that, why should we think that any financial institution should be held accountable for treasonous acts?
 
2012-08-15 04:16:38 PM
Unchain the banks!
 
2012-08-15 04:18:00 PM

Debeo Summa Credo: disproportionate to any profit realized


Yeah, now pull the other one.

The only sad thing is your continued support of the banking industry.
 
2012-08-15 08:57:52 PM

xtragrind: dervish16108: Damn liberals and their business destroying regulations! Who will launder money for Iran now?

Derped in one. Do you even understand what happened here?


Do you even know what sarcasm is?
 
2012-08-15 09:25:47 PM
So the NY banking regulator comes out the gate spewing venom about crimes and misconduct, and makes it all go away for a pittance of the amount supposedly laundered. Typical ... perhaps they agreed to donate to his next political campaign.
 
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