A New Low (Updated)

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UPDATE

I can’t quite put into words my feelings on this……I feel sick to the bottom of my stomach.

The Background……

As per below, New York regulators accused Standard Chartered (the UK’s fifth largest bank) of hiding $250bn of transactions with Iran that was used to fund their nuclear program and terrorist activities. Standard Chartered defended this by stating it was nearer £14 million. My opinion……the amount is irrelevant - it should never have happened.

The Update……

Standard Chartered has agreed a $340m (£217m) settlement with New York regulators as their fine / punishment.

One Quick Question……

Why pay a fine of £217m if you believe that you have only done £14m of wrong doing?

This pretty much sums everything up nicely.

Sickening

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ORIGINAL POST

Well, who would have thought it……a new banking scandal that reaches new depths of dishonesty and morality. And for what? Yet more corporate profit.

The Accused……

Standard Chartered (the UK’s fifth largest bank) is stood accused by the New York State Department of Financial Services of laundering as much as $250bn (£161bn) over nearly a decade. It said the bank hid transactions for "Iranian financial institutions" that were subject to sanctions. The regulator said that Standard Chartered had hidden 60,000 such secret transactions, with the proceeds used to fund Iran’s nuclear program and terrorist activities. Essentially, Standard Chartered are accused of falsifying payment directions by stripping the message of unwanted data that showed the clients were Iranian, replacing it with false entries.

The Defence……

Standard Chartered have refuted the claims and stated that the US Regulator did not present “a full and accurate picture of the facts” as the figure was nearer $14 million.

 

So that’s ok then? The fact that a penny had been laundered to fund nuclear programs and terrorist activities is a penny too much……let alone $14 million. Do Standard Chartered just not get it? $14 million is not excusable if you were originally accused of $250 billion.

Is there no barrier to what a bank won’t do for corporate greed?