British Bank Caught Laundering Money for Iran

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PostSat Aug 11, 2012 2:30 am » by Willease


British banking giant Standard Chartered plc has been accused of collaborating with the Iranian government to launder $250 billion between 2001 and 2007. The accusations are a “stunning move” by Benjamin Lawsky, head of the recently created New York banking regulator, and have angered much of the financial community by making public a shameful allegation that in the past would have been dealt with quietly. ... VM20120808

Standard Chartered plc vehemently denies the allegations and insists that nearly all of its transactions were aboveboard (admitting that maybe some $14 million was not). Regardless of who is correct, the damage has been done. Following the announcement, Standard Chartered’s stock took a steep dive, wiping out nearly a quarter of the bank’s stock value, before partially rebounding later in the day. ... nance.html

More importantly, however, these allegations are another major smear on the British banking system. Confidence and trust in the American and British fiscal institutions is being eroded.

This charge against Standard Chartered comes right on the heels of the libor scandal, which may be the biggest con in financial history. ... al-history The scandal broke when Barclays bank was fined for illegally manipulating the interbank benchmark interest rate. ... tgodrUAA0g
According to the Council on Foreign Relations, libor is “the most critical global benchmark for short-term interest rates.” The libor rate affects interest rates on everything from credit cards and mortgages to municipal bonds and savings accounts. But now it appears that almost all the big Wall Street banks were colluding to fix libor.

On August 5, cnbc reported that as the labor scandal is unfolding, almost all the big British and American banks are turning on each other in an attempt to show that what other banks were doing was more illegal than their own actions were. JP Morgan Chase, Citigroup, Bank of America, Royal Bank of Scotland, ubs and others seem to be doing their best to look like the least dirty shirt in the laundry bin. ... for_Itself

Since the great subprime mortgage Wall Street meltdown of 2008, the U.S. and British banking industries have been on a downward slope.

The revelations of financial giants like Barclays and Standard Chartered seeking short-term gains through shady dealings highlight the demise of Anglo-Saxon banking dominance. That is how serious these financial scandals are.

Over 60 years ago, Herbert W. Armstrong warned that a calamity in Western financial institutions would trigger the collapse of American and British world dominance. As confidence in American and British banks disappears, so does the chance of either nation pulling out of its current downward economic spiral. ... y-for-iran

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PostSat Aug 11, 2012 3:40 am » by Noentry

I dont agree with the sanctions against Iran.
But money laundering by banks is wrong and should be meet with the highest penalty's and the board of the bank should serve time in prison for this.
"The third-rate mind is only happy when it is thinking with the majority.
The second-rate mind is only happy when it is thinking with the minority.
The first-rate mind is only happy when it is thinking."
A. A. Milne

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PostSat Aug 11, 2012 3:31 pm » by Flecktarn

the government knew ..
consider all the intel held on country's ,they chose to ignore it as it was profitable for a uk bank same as iraq syria, libya , they also banked in this country un opposed
this story helps build the public case against iran so the non thinking person can have there mind made up for them

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PostSat Aug 11, 2012 9:54 pm » by Shemagh

Here's what Boris has to say on the matter!!

Writing in The Spectator magazine today, he said: ‘You can’t help wondering whether all this beating up of British banks and bankers is starting to shade into protectionism; and you can’t help thinking it might actually be at least partly motivated by jealousy of London’s financial sector – a simple desire to knock a rival centre.’

Read more: ... z23GyRI8NN

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