What else is new? Banks sincerely have no integrity. They covet monies no matter the nature and could not care less about the security of the global community.
These are not just funds from or for Iran, these are the methods to insure Iran take its nuclear activities with brevity. I suppose understanding that paradigm of international law and consequence is beyond the ability of regulators and the Fed to comprehend. Destabilizing the Middle East and eroding international nonproliferation efforts just doesn't seem to be a 'money thing' I suppose.
You know, the global economy and how it can't be touched for the recovery and everything. It would seem to those that are complaining, the sanctions should be able to wait until 'conditions in the market are perfect.' Not that nuclear proliferation and the real threat of a nuclear exchange would do anything to secure the global economy or anything like that.
Hm? I wonder what Wall Street would look like after a few nuclear exchanges in the Middle East?
Geeze! The banks are pathetic.
...By going it alone through the order he issued on Monday, (click title to entry - thank you) Benjamin Lawsky, head of the recently created New York State Department of Financial Services, also complicates talks between the Treasury and London-based Standard Chartered to settle claims the transactions, several of the sources said.
Lawsky's stunning move, which included releasing embarrassing communications and details of the bank's alleged defiance of U.S. sanctions against Iran, is rewriting the playbook on how foreign banks settle cases involving the processing of shadowy funds tied to sanctioned countries. In the past, such cases have usually been settled through negotiation - with public shaming kept to a minimum....
...But, given the content of the order - which described Standard Chartered as a "rogue institution" that "schemed" with the Iranian government and hid from law enforcement officials some 60,000 secret transactions over nearly 10 years - the bank may need to come up with a strong defense....
...New York's attack on Standard Chartered's integrity, and a threat to revoke its state banking license, wiped $17 billion off the bank's market value on Tuesday....
