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NY State Regulators Settle With Standard Chartered At 0.14% Transaction Fee

Tyler Durden's picture


Consider our minds blown, via Bloomberg:


The life or death of STANCHART is settled - they live; and the $250 billion of 'laundering' transactions - sanctions/terrorism/drugs-related or not - are settled for a 0.14% transaction fee (that'll teach 'em!). In other words, Std Chartered's IRR for committing years of crime is 714%. Finally this is a whopping 1.9% of the bank's entire 2011 revenues, or in other words they had to hand over 7 days of revenue (assuming a 365 day work week). Of course there are other fines/penalties to come but it looks like someone got a little over-excited at the regulators or as we note, STANCHART had some bottom-drawer details no one wanted outed. And now, employees of US "regulators," "enforcers" and various other "crime fighting" organizations can look forward to submitting their resumes to the British banks all over again.

From AP:

New York's financial regulator says his agency has reached a $340 million settlement with Standard Chartered Bank over allegations it schemed with the Iranian government to launder $250 billion from 2001 to 2007.


New York Superintendent of Financial Services Benjamin Lawsky says the British bank will pay the civil penalty to the state. It also will install a monitor for at least two years who will evaluate the money-laundering risk controls of its New York branch and take corrective measures. State agency's examiners will be placed at the bank.


The bank had no immediate comment Tuesday.


In a statement released Monday night, Standard Chartered Bank said it "strongly rejects" and "contests" the New York regulators' portrayal of its transactions with Iranian banks.

But it is delighted at generating aa 714% IRR for year of what it neither admits nor denies may have been egregious criminal activity.

And so all is back to normal in the world of endless financial crime, where crime pays, but only after one bribes all the regulators to play.


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Tue, 08/14/2012 - 13:58 | 2704398 Winston Churchill
Winston Churchill's picture

Damn,there goes the Chairmans beer money.

Tue, 08/14/2012 - 14:06 | 2704426 MarketTruth
MarketTruth's picture

Forget beer money.... We need to open a bank!

Give a man a gun and he can rob a bank.
Give the man a bank and he can rob the world.

Tue, 08/14/2012 - 14:09 | 2704433 Michael
Michael's picture

Top story on Drudge;

National Weather Service Follows DHS In Huge Ammo Purchase

Why would the National Weather Service need to purchase large quantities of powerful ammo? That’s the question many are asking after the federal agency followed in the footsteps of the Department of Homeland Security in putting out a solicitation for 46,000 rounds of hollow point bullets.

The NWS is following its federal counterpart the DHS in securing large quantities of ammo. Back in March,Homeland Security purchased 450 million rounds of .40-caliber hollow point bullets that are designed to expand upon entry and cause maximum organ damage, prompting questions as to why the DHS needed such a large amount of powerful bullets merely for training purposes.

As the Business Insider notes, hollow point bullets have been “illegal in international warfare since 1899.”

The DHS is also planning to purchase a further 750 million rounds of different types of ammo in a separate solicitation that also expires on August 20, including 357 mag rounds that are able to penetrate walls.

Tue, 08/14/2012 - 14:13 | 2704453's picture

Don't know why the goon squad shot me in the eye, stormy weather...

Tue, 08/14/2012 - 14:15 | 2704462 A L I E N
A L I E N's picture

Justice has been swerved!

Tue, 08/14/2012 - 15:43 | 2704822 johnQpublic
johnQpublic's picture

what do you call a man who blows up a bank with high power explosives?



A: crimestopper

Tue, 08/14/2012 - 16:42 | 2704982 Precious
Precious's picture

What.  Nobody gets a pinky cut off?

Tue, 08/14/2012 - 14:16 | 2704471 PiratePawpaw
PiratePawpaw's picture

It is common knowledge that you can alter the direction of a tornado by firing small caliber ammunition at it. The question is can NWS employees hit a tornado with only 46,000 shots.

Tue, 08/14/2012 - 14:47 | 2704590 Dr. Richard Head
Dr. Richard Head's picture

Based upon my sightings of different government employees, I would say no.  Unless, of course nature put kiddie porn on that twister.  If that was the case, every department of the Feds would be all over it. 

Tue, 08/14/2012 - 17:39 | 2705089 Precious
Precious's picture

You just don't know WHAT fucking direction.

Wed, 08/15/2012 - 00:48 | 2705934 tooktheredpill
tooktheredpill's picture

we just don't know the details - ie how much of the transactions were in violation etc etc etc. But maybe this was the explanation as to how they did so well during the credit crunch

Tue, 08/14/2012 - 14:22 | 2704495 jayman21
jayman21's picture

What does this story have to do with the one above?

Tue, 08/14/2012 - 14:30 | 2704516 Michael
Michael's picture

This is the top financial site on the internet with many eyes on it asshole.

We also discuss geo-political issues involved with financial capture of the entire planet by the globalist NWO elitist scum and their activities.

We are engaged in demoralizing the cunts and cocksuckers of the NWO/MSM whenever we can and will never stop. Get over it.


Tue, 08/14/2012 - 14:48 | 2704594 alarm bell
alarm bell's picture

bravo! good man

Tue, 08/14/2012 - 14:32 | 2704520's picture

Bankers are subject to virtually no punishment whatsoever for their crimes while the rest of us have to live in fear of being gunned down by government meteorologists. I'm not a global warming denier, nosiree!

Tue, 08/14/2012 - 14:42 | 2704554 A Lunatic
A Lunatic's picture

Perhaps the plan is to begin shooting up small towns and blaming the aftermath on tornadoes...............

Tue, 08/14/2012 - 15:04 | 2704665 RunningMan
RunningMan's picture

Or worse, do we need to autopsy all those who die in natural disasters to see how they were killed? 


Tue, 08/14/2012 - 14:47 | 2704592 jayman21
jayman21's picture

Funny shit

Tue, 08/14/2012 - 16:10 | 2704907 gunsmoke011
gunsmoke011's picture

Well Said -- AMAZING. If it weren't so pathetic it would be funny - every weatherman needs to know how to handle a weapon. Unreal the sheeple can't see what is coming with news like this. I do however think "They" are going to be in for one BIG Surprise - this is NOT Syria - and I do not see 19 - 20 year old Marines rolling through towns shooting civilians.

The fucktards in power will find that American Armed Forces will not defend the indefensable.

Tue, 08/14/2012 - 15:04 | 2704668 Disenchanted
Disenchanted's picture




EPA seeking .357 Sigs:


Secret Service wants 40,000 rounds of .300 WIN Mag Ammo:


Capitol Police want 600,000 rounds 165 grain S&W .40 Hollowpoints:


Get your gats and ammo bitchez...

Tue, 08/14/2012 - 18:01 | 2705120 Umh
Umh's picture

Trying to start a tempest?

Tue, 08/14/2012 - 18:11 | 2705136 Henry Hub
Henry Hub's picture

The different effect on a human being between a .40 caliber round nose and a hollow point bullet -

Sat, 08/18/2012 - 06:38 | 2716275 snafuy
snafuy's picture

Doofus. Law enforcement officers (including the ones in NOAA's Fisheries department) are required to redo their firearms training every year, which takes over 500 rounds per agent.

Reported at Fox News, Snopes, and many other sources.

Now how about we talk about the ACTUAL news of a multinational bank getting to keep 99% of its illegal profits while helping an avowed enemy nation?

Tue, 08/14/2012 - 14:13 | 2704450 The Wizard of Oz
The Wizard of Oz's picture

This was nothing more than extortion. No punitive measure. Simple extortion.

Tue, 08/14/2012 - 14:18 | 2704478 kennard
kennard's picture

Right. The State didn't have a case. SC settled for a nominal amount just to feed the beast. And yes, it was just extortion. SC had the temerity to be untouched by the credit crisis and its follow on, so they had to slime them with something, just to take the heat off the real criminals.

Tue, 08/14/2012 - 14:35 | 2704528 defencev
defencev's picture

Totally agree. People just get carried away with Marxist propaganda emanating from certain government circles with the key word "banksters". SC is one of the best banks in the world (and I park some money with them) whereas real criminals can be found in some government quarters.

Tue, 08/14/2012 - 14:38 | 2704538 bankruptcylawyer
bankruptcylawyer's picture

you know, i wish there were a way to make money off of a business that 'outs' paid posters that smear comment boards with nonsense on behalf of their paymasters.

Tue, 08/14/2012 - 14:38 | 2704537 Mactheknife
Mactheknife's picture

Of course if you are a SC customer....YOU are the one that just got fined and if YOU had pulled this crap YOU would be in JAIL.

Tue, 08/14/2012 - 18:11 | 2705134 defencev
defencev's picture

 Yes, I am SC customer and at least I have money to park (unlike you). You, motherfuckers need to understand one simple thing:

not all bankers are banksters and not all banks are bad. If you think otherwise, you are fucking brainwashed idiot who does not understand the real world. Moreover, such an extreme attitude typically characteristic for losers who just cannot adjust to reality

or do not have any skills to live in real world with dignity.

Tue, 08/14/2012 - 15:27 | 2704761 Nage42
Nage42's picture

Well, the info I have [source unnamed] was that all transactions to sanctioned countries were terminated 2007, and an internal and totally volentary audit of the more than 150 million payment transactions yielded less than 280 transactions that could not be explicitly explained by not-related or agreed-exemption.  The value of those ~280 payments was below 20 million USD in value (read: peanuts... really, really peanuts).  So, SCB was in talks with the federal regulators on forensically tracking them down and determining if they were in breach, with full expectations to appropriately resolve those breaches -- there's some value to the regulator also, in that tracking down those payments helps them in AML investigations for other institutions.

Well, you don't have to take my word for it... hell, it's not even my word, but from my expereience on how these things typically run, this is well within a typical profile of what normally happens.  SCB is pretty regulations strict, nothing like UBS/HSBC, and don't even get me started about Shiti...

Here in Singapore, the reputational is pretty significant... anything Chinese-business based is all about "face," and even being mentioned is phenominally bad for business.  I'm betting that US regulators are pretty motivated to scuttle any banks that actually deserve trust so that people will put their money into US-based banks for the full-on FATCA and all that this will entail.  So, if I were a betting man... and I'm not... my guess would be that SCB pays the fine, then goes after the NY regulator for defamation and if the math holds, $14M exposure yields $340M fine, then $340M unjust fine with reputational damage should yield $8.26B.  As usually, it's only the Lawyers who will make out like bandits.


Tue, 08/14/2012 - 21:03 | 2705524 Apostate2
Apostate2's picture


' I'm betting that US regulators are pretty motivated to scuttle any banks that actually deserve trust so that people will put their money into US-based banks for the full-on FATCA and all that this will entail.'

That would be my guess also. 

Tue, 08/14/2012 - 14:16 | 2704470 vast-dom
vast-dom's picture

wooohaaaa! that's the cocaine tab for one month! nice job! i think drug running with the help of the CIA and the banks is the next career move!

Tue, 08/14/2012 - 14:07 | 2704428 SeverinSlade
SeverinSlade's picture

Banksters are going to have budget for a few days and only hire one prostitute.

Tue, 08/14/2012 - 18:04 | 2705123 Umh
Umh's picture

Wet one!

Tue, 08/14/2012 - 14:35 | 2704529 Tijuana Donkey Show
Tijuana Donkey Show's picture

The best way to rob a bank is to own it.....

Tue, 08/14/2012 - 15:08 | 2704687 AAA21
AAA21's picture

Durden - get  your story straight! First you note that "SCB got HSBC'ed" by out of control regulators, now you are whining about the "tiny" fine they received!

Tue, 08/14/2012 - 13:59 | 2704401 goldencross10
goldencross10's picture

US and state regulators are professional wrist slappers 

Tue, 08/14/2012 - 14:17 | 2704479 Fidel Sarcastro
Fidel Sarcastro's picture

Professional wrist slappers of the banks.  If YOU break the law, YOU are going down son! Banksters?  No way - that's as clear as glass.

Tue, 08/14/2012 - 14:17 | 2704480's picture

At this point shouldn't we be storming the Bastille? Where's the sense of proportion in modern crime and punishment.

Tue, 08/14/2012 - 14:42 | 2704553 resurger
resurger's picture

I was in a dinner with Thomson Reuters, in my table I sat next to grand pa, his name was "Brian" when I asked him about his profession he told me that he's a regulator for an off shore banks. And he was regulating the case for Standard Chartered and how busy he was with it.

I told him, how ironic that you are regulating a country instead os regulating home...

Tue, 08/14/2012 - 14:44 | 2704572 A Lunatic
A Lunatic's picture

..........the suspense is killing me.

Tue, 08/14/2012 - 16:58 | 2705012 ajax
ajax's picture


You'll die of suspense because there's no more to that story: he was "in a dinner" and thus doesn't exist any longer. I'm just wondering what he was on the menu... a starter or a main course?


Tue, 08/14/2012 - 14:01 | 2704407 Cognitive Dissonance
Cognitive Dissonance's picture

"STANCHART had some bottom-drawer details no one wanted outed."

Step right up and get your dirty laundry. Plenty for everyone, no need to push and shove. Come and get it.

Tue, 08/14/2012 - 14:15 | 2704460 saturn
saturn's picture

And now that you agreed to share your profit with us, we grant you exemption to commit crime as frequently as possible.

Tue, 08/14/2012 - 14:36 | 2704532 disabledvet
disabledvet's picture

"Next stop...KNIGHT TRADING TAX!" no? Yes? Who the puck are you kidding?

Tue, 08/14/2012 - 14:01 | 2704409 WTF2
WTF2's picture

Who was that masked man?

Tue, 08/14/2012 - 14:06 | 2704410 SeverinSlade
SeverinSlade's picture

With each passing day, everyone that follows ZH feels more and more like Mugatu.

Tue, 08/14/2012 - 14:02 | 2704412 NoelConfidence
NoelConfidence's picture

Naughty naughty, don't do it again!

Tue, 08/14/2012 - 14:02 | 2704413 PaperBear
PaperBear's picture

I suppose someone who was the victim or a relative of a victim of Hezbollah terrorists can sue SC for facilitate the financing for their criminal operations.

Tue, 08/14/2012 - 14:04 | 2704414 jayman21
jayman21's picture

Looks like deflation to me.  Only .14%.....even the bribe business is going through deflation.  Sorry Mish, using price in this case even though I like your definition of deflation much better.  Maybe I could try pricing it off the LIBOR curve and back into some credit increase or decrease with the help of a Harvard study that won a Nobel prize.

Tue, 08/14/2012 - 14:04 | 2704419 GMan_
GMan_'s picture

well, $340M, there goes the CEO's Palace in Bulgaria..

Tue, 08/14/2012 - 14:08 | 2704430 I am a Man I am...
I am a Man I am Forty's picture

CIA set everyone the fuck straight.

Tue, 08/14/2012 - 14:15 | 2704466 cougar_w
cougar_w's picture

Probably true.

Tue, 08/14/2012 - 14:10 | 2704437 lizzy36
lizzy36's picture

Some dope on TV talking about stan. charter reputational damage. What the hell is reputational damage in this day and age?

Tue, 08/14/2012 - 14:18 | 2704482 cougar_w
cougar_w's picture

I can just see the Iranians and drug lords taking their business elsewhere.

Tue, 08/14/2012 - 14:37 | 2704534 Tijuana Donkey Show
Tijuana Donkey Show's picture

Paging Bank of America, Bank of America, your needed on line one. 

Tue, 08/14/2012 - 14:12 | 2704448 mr. mirbach
mr. mirbach's picture

It's glorious to be a Bankster with immunity from prosecution. Grease the wheels of 'justice' with a little payola and continue business (rape and pillage) as usual.

Tue, 08/14/2012 - 14:13 | 2704452 Its_the_economy...
Its_the_economy_stupid's picture

If it were after 5, I'd be binge drinking right now.

Tue, 08/14/2012 - 14:21 | 2704493 MrBoompi
MrBoompi's picture

As WC Fields always told me, it has to after 5 somewhere.

Tue, 08/14/2012 - 14:14 | 2704455 Little John
Little John's picture

drip drip drip ......

Charles Hugh Smith's latest is spot on.


Tue, 08/14/2012 - 14:16 | 2704456 Zero Govt
Zero Govt's picture

"..sanctions/terrorism/drugs-related or not - are settled for a 0.14% transaction fee (that'll teach 'em!).."


Can we all go out and raid Wall Mart, or rob JP Morgan branches on the basis we give the Feds a little less than 1% share of the loot if we're caught?

Talk about an encouraging signal for running riot

Tue, 08/14/2012 - 14:14 | 2704458 cougar_w
cougar_w's picture

And what part of "it's an organized theft ring" didn't apply to this as well?

They get all the money. They get it all the time. For ever. And then they get some more too. And they keep it, all but .14% being now the industry benchmark.

These guys, they cannot lose.

Tue, 08/14/2012 - 14:21 | 2704492 Zero Govt
Zero Govt's picture

note NY Bank, Goldman Sucks, was not fined by the NY Feds for running the investment fund for Libya, a despots oil money

...nor were they too bothered losing 98% of it

Goldman Sucks, looking after their clients best interests (gulp!)

Tue, 08/14/2012 - 14:22 | 2704497's picture


These guys, they cannot lose.


Nature will not tolerate such aberrations. They're going to lose their shirts and then some.

Tue, 08/14/2012 - 14:15 | 2704464 sixsigma cygnus...
sixsigma cygnusatratus's picture

Yup, protection money is always priced higher when one is forced to pay, as opposed to one making willful "contributions"...

Tue, 08/14/2012 - 14:15 | 2704465 inkarri9
inkarri9's picture

I bet those drug cartels are mad right now and wish they had chosen to be international bankers instead.  Those guys make chump change compared to the bankers and bankers don't go to jail.

Tue, 08/14/2012 - 14:18 | 2704481 HardAssets
HardAssets's picture

Who do you think launders the drug money ?

Biz/govt has been deeply involved in the drug business for a long time. How do you think Hong Kong was established, for example.

Tue, 08/14/2012 - 14:15 | 2704467 HardAssets
HardAssets's picture

Why is this a surprise ?

There were those in that government who saw the opportunity for a quick shake-down - - - just like any other gansters.

Tue, 08/14/2012 - 14:18 | 2704468 Dr. Acula
Dr. Acula's picture

I interpret this as a petty fight between two gangs of criminals:

Gang #1 (the bureaucrats) who get revenues through extortion.

Gang #2 (the fractional reserve bankers) who get revenues through bailment fraud.

The "laundering" (i.e. transferring money voluntarily from A to B) seems to be the only innocent part of this story.

Does that basically sum it up?


Tue, 08/14/2012 - 14:23 | 2704499's picture

It's a dog and pony show.

Tue, 08/14/2012 - 15:00 | 2704647 machineh
machineh's picture

You left out Gang #3, the Israel Lobby, which made financing of legitimate trade with Iran a Thoughtcrime.

Tue, 08/14/2012 - 16:46 | 2704988 ajax
ajax's picture




@machineh: see my "Marc Rich" response just a few messages down from here.

Tue, 08/14/2012 - 14:18 | 2704485 Its_the_economy...
Its_the_economy_stupid's picture

Where does Gang #3 fit in, the Federal regulators.

Tue, 08/14/2012 - 14:19 | 2704486 MrBoompi
MrBoompi's picture

.14%?  Where can I get a rate like that on my savings account?

Tue, 08/14/2012 - 18:24 | 2705178 Umh
Umh's picture

I'll do it if you have enough to make it worth the effort.

Tue, 08/14/2012 - 14:19 | 2704487 loveyajimbo
loveyajimbo's picture

gensler, Shapiro and Holder would swell with pride... the shitbags... I thought they had a decent judge out there... Jed rakoff or like that?  Maybe HE will step in and call a big. loud  BULLSHIT!!!  Obama has to be proud of his regulators and enforcement team... it has to be a challenge to do so little in the midst of massive, obvious corruption...

Tue, 08/14/2012 - 15:06 | 2704673 ajax
ajax's picture


Primo: "assuming a 365 day work week" - oh please!!! So many Tylers, so few proofreaders... I had considered passing along your article to a friend until - as is far too often the case - the howlers deterred me.

Secundo: Does the name "Marc Rich" ring a bell?? Just 11 short years ago Eric Holder was waving his magic wand over a petition in Rich's favour: "

In 1983 Rich and Green were indicted by then-U.S. Federal Prosecutor (and future mayor of New York City) Rudolph Giuliani, on illegal trading with Iran and charges of tax evasion. They were indicted while they were in Switzerland. The pair failed to return to the U.S. following the indictment, and were on the Federal Bureau of Investigation's Ten Most-Wanted Fugitives List for many years.

In 1989 the U.S. Justice Department ceased using statutes of the Racketeer Influenced and Corrupt Organizations Act in tax cases such as the one in which Rich and Green were indicted, and relied instead on civil lawsuits.[9] However, Marc Rich remained on page 1 of the Justice Department's Most Wanted International Fugitives.[10]

On 20 January 2001, hours before leaving office, Clinton granted Rich a presidential pardon. As Denise Rich had made large donations to the U.S. Democratic Party and the Clinton Library during Clinton's time in office, Clinton's critics alleged that Rich's pardon had been bought. Marc Rich had made substantial donations to Israeli charitable foundations. Clinton explained his decision by noting that similar situations were settled in civil, not criminal court, and cited clemency pleas from Israeli government officials, including then-Prime Minister Ehud Barak. Federal Prosecutor Mary Jo White was appointed to investigate. She stepped down before the investigation was finished and was replaced by James Comey. Comey was critical of Clinton's pardons and Eric Holder's pardon recommendation.[11] According to Rich's attorney, Holder advised to circumvent standard procedures and to submit the pardon petition directly to the White House.[12]

As a condition to the pardon, it was made clear that Rich would drop all procedural defenses against any civil actions brought against him by the U.S. upon his return there. That condition was consistent with the position that his alleged wrongdoing warranted only civil penalties, not criminal punishment. As of November 2010, Rich has not returned to the U.S.[citation needed] During hearings after Rich's pardon, Lewis "Scooter" Libby, who had represented Rich from 1985 until the spring of 2000, denied that Rich had violated the tax laws but criticized him for trading with Iran at a time when that country was holding U.S. hostages.[13]

In his 18 February 2001 op-ed essay in The New York Times, Clinton (by then out of office) explained why he pardoned Rich, noting that U.S. tax professors Bernard Wolfman of the Harvard Law School and Martin Ginsburg of Georgetown University Law Center, concluded that no crime was committed, and that Rich's companies' tax-reporting position was reasonable.[9] In the same essay Clinton listed Libby as one of three "distinguished Republican lawyers" who supported a pardon for Marc Rich."





Tue, 08/14/2012 - 15:25 | 2704753 Clycntct
Clycntct's picture

As I wadded through that sh%t it just reconfirms my more recent favoritism of Big bill as perhaps one of histories all time biggest FKN Crooks.

Tue, 08/14/2012 - 14:19 | 2704488 madcows
madcows's picture

Injustice.  A slap on the wrist.  "Bad Boys, don't do that again or we'll fine you another piddly amount.  Hey, where are you putting us up at the next convention?"

Tue, 08/14/2012 - 14:22 | 2704494 MsCreant
MsCreant's picture



Banana Republic.

Tue, 08/14/2012 - 14:25 | 2704505 eclectic syncretist
eclectic syncretist's picture

And the hits just keep on coming

Wells Fargo & Co will pay more than $6.5 million to settle civil charges alleging it sold complex mortgage-backed instruments to municipalities and non-profits during the financial crisis without fully disclosing the risks

And the political rhetoric is heating up now in a potentially very interesting way.  Linking the opponents with Wall Street Banks.  Biden tells audience GOP, banks would put them 'back in chains'

Tue, 08/14/2012 - 14:28 | 2704506 Carmagnole
Carmagnole's picture

edit: wrong comment

Tue, 08/14/2012 - 14:25 | 2704507 bubbleburster
bubbleburster's picture

What ONE event will it take until a huge mob finally takes over the SEC headquarters, even if only for a few minutes before the riot squad arrives?  It is a given that Congress is going to fight each other rather than learn to dance the bi-partisan rumba.  It is a given that regularors, the FED, the Federal Government are not going to put the torch to the real criminals and break up the banks.  However, if history is any indicator of future events, at some point a real flash mob will emerge and do what French students do so well.  Torch and burn.  It took the Vietnam war to be broadcast on the nightly news to ignite a generation who were willing to stand up to their government.  Though I don't see that type of motivation  - yet, it is bound to surface.  That Black Swan event might do the trick, whatever it might be.

Tue, 08/14/2012 - 14:42 | 2704536 Dr. Acula
Dr. Acula's picture

>What ONE event will it take until a huge mob finally takes over the SEC headquarters

That will never happen.

There will be years of mounting socialism and poverty. Probably a hyperinflation event.

But when the parasitism gets overly large, the federal government will die with a whimper. See USSR.

P.S. I estimate 2029.


Tue, 08/14/2012 - 14:42 | 2704560 bubbleburster
bubbleburster's picture

I gotta disagree with you Dr. A.  History shows that you can mess with the public, and I am referring to the gun toating AMERICAN public only so far and then they take matters into their own hands.  The spirit of the wild west, of "killing Kansas" is never too far from a lot of amazes me that American's are as peaceful to each other as they are.

Tue, 08/14/2012 - 15:05 | 2704624 Dr. Acula
Dr. Acula's picture

I don't agree. In USA, most children are indoctrinated through government institutions and do not have any of the spirit you mention.

In USA, you cannot own real estate (i.e. obtain allodial title) but can only rent it from the State. And many have 40% or more of their income taken away and given to others as a kind of financial cuckoldry. Like boiling frogs, there is no limit to the abuses Americans are willing to sustain at the hands of their government, provided they are increased slowly. There are plenty of historical examples of this process.

The vast majority of people are happy with the status quo. Only gross economic collapse will wipe the old structures away and make room for the new. I think it will happen within decades. It has only been 4 decades since we've been off the gold standard - it takes a while to deplete the economic strength of a country that was once the paragon of capitalism.


Tue, 08/14/2012 - 15:09 | 2704696 bubbleburster
bubbleburster's picture

"I don't agree. In USA, most children are indoctrinated through government institutions and do not have any of the spirit you mention."

Yes, the shooting at Texas A&M really speaks volumes to your notions.  I'm lucky: I'm a Canadian and though my city has a higher crime rate than smaller towns, there is no street anywhere here I would be afraid to walk down at midnight.

Tue, 08/14/2012 - 18:31 | 2705195 Henry Hub
Henry Hub's picture

Better not walk down Danzig Ave. in Toronto at any time.

Tue, 08/14/2012 - 15:29 | 2704766 WillyGroper
WillyGroper's picture

>>>>>>>It took the Vietnam war to be broadcast on the nightly news to ignite a generation who were willing to stand up to their government.

And for all those that blame them for this steaming pile of crap-------guess who that was? The boomers.

Tue, 08/14/2012 - 14:29 | 2704515 Catullus
Catullus's picture

Not a crime. The US thinks they own the universe. Charter should have told them to go fuck themselves. They weren't going to get a conviction. If this was a crime, then all of double entry accounting is money laundering.

Money laundering is the biggest of all non-crimes. It's a crutch for the state to go after people because they can't otherwise connect the dots.

Tue, 08/14/2012 - 14:31 | 2704519 tahoebumsmith
tahoebumsmith's picture

Foreclosure fraud, libor scandal, MF Global, Fast and Furious, Derivitive racketeering, NY FED POMO Ponzi, CME Manipulation, Wells Fargo Drug money laundering,Goldman Sachs investigation dropped, I could go on all fucking day and not one of these CRONIES is behind bars? This look the other way approach has encouraged more and more crimes to take place as the culprits know they will get nothing more then a slap on the wrist. This country is in wayyyyyyy over its head with the wrong people.

Tue, 08/14/2012 - 14:40 | 2704543 bubbleburster
bubbleburster's picture

Heh, don't forget Maddof and Lay and the boys

I am of the view that T.S. Eliot's end of the world scenario is backwards. It will not end in a whimper.  It will end in a gigantic (financial) boom.

Tue, 08/14/2012 - 15:31 | 2704773 Clycntct
Clycntct's picture

Nice short rundown.

Wish I didn't eat all those lead paint chips.

Tue, 08/14/2012 - 17:08 | 2705031 ajax
ajax's picture



Has the S & L "crisis" been paid for yet??  It was the blueprint for what finally culminated in 2007-08.

Tue, 08/14/2012 - 14:33 | 2704522 FranSix
FranSix's picture

Look, if you're going to calculate IRR, you have to do it on a yearly basis.  Moreover, the Net Present Value should be detailed here so's people can get an outlook on the next ten years of operations.

Tue, 08/14/2012 - 14:33 | 2704524 spanish inquisition
spanish inquisition's picture

That is just the written part of the settlement. I am guessing that Standard Chartered is going to take an interest in American politics and campaign contributions will begin to flow. I think Chucky "KA-CHING" Schumer is going to be one of the big beneficiaries of American justice.

Tue, 08/14/2012 - 14:34 | 2704525 Metalredneck
Metalredneck's picture

Nice to see treason still is profitable.

Tue, 08/14/2012 - 14:44 | 2704573 FranSix
FranSix's picture

OTOH, it might mean that there is no war and will be no war.

Tue, 08/14/2012 - 14:43 | 2704568 azengrcat
azengrcat's picture

They paid the vig to the capos of NYC. Nothing to see here.

Tue, 08/14/2012 - 14:56 | 2704634 AAA21
AAA21's picture

You got that right!

Tue, 08/14/2012 - 14:59 | 2704646 AAA21
AAA21's picture

Tyler Boy - there's a little problem with your analysis:  The value of the transactions that violated the law was $14 million not $250 Billion!  So the fine is 24 times the value of the transactions that were sanctions violations.  BTW - NONE of the transactions were for "Terrorists" or put the financial system or anything else in danger!!

Tue, 08/14/2012 - 15:03 | 2704664 machineh
machineh's picture

Even worse, the fine is TOTALLY ARBITRARY.

Rule of Law this ain't.

It's just an angry guy in a suit holding a gun to your temple, babbling 'I am the Lawsky.'


Tue, 08/14/2012 - 15:18 | 2704724 bubbleburster
bubbleburster's picture

"BTW - NONE of the transactions were for "Terrorists" or put the financial system or anything else in danger!!"

Your proof is?  I don't have proof to the contrary so don't jump on me.  However, IF, repeat "IF" any bank in Europe or N.A. has helped launder any funds for Iran then in my view they are aiding and abetting a super dangerous country run by madmen whose passion to go nuclear will only end in tears and blood.

The recent flood of news stories this year, show casing how American banks have helped funnel money for drug cartels and god only knows what other terrible people.....and all they get is a mild smack.  I suspect all major US banks of breaking every single "anti-money laundering" rule.  They are mandated by the SEC and IRS to apply them and they don't.  What is their motivation for following the laws? Zip. 

Tue, 08/14/2012 - 15:05 | 2704672 RunningMan
RunningMan's picture

The speed of this settlement is stunning. How can there be any justice in a system where the criminal can buy their 'got out of jail' card? Kafkaesque. You are either part of the system, and find a way to profit within it, or you must live outside it. We're all bankers now.

Tue, 08/14/2012 - 15:07 | 2704686 AGORACOM
AGORACOM's picture

Inevitably, sooner or later, some high finance people are going to be shot.  You can't drive the common man into the ground for parking tickets, while letting financial elite committ fraud and state crimes in the hundreds of billions, without expecting someone to finally snap and take a gun to Wall Street bankers.

It's not what I want to see but I call 'em as I see 'em and I see people with nothing to lose anymore.



George ... The Greek ... From Canada




Tue, 08/14/2012 - 15:39 | 2704808 WillyGroper
WillyGroper's picture

These mass shootings have been happening for decades now. They're just taking aim at the wrong folks. Corporations have destroyed families by downsizing & offshoring. The only support system is Prozac. They've fortified their gentrified enclaves with narry a thought of how many they've decimated. Karma will be a bitch when ppl finally wake up. 

Tue, 08/14/2012 - 16:39 | 2704974 Dr. Acula
Dr. Acula's picture

>Corporations have destroyed families by downsizing & offshoring

Both perfectly legitimate and peaceful activities. Probably they are trying to escape the predations of government effected by the socialists you vote for.


Tue, 08/14/2012 - 17:04 | 2705020 WillyGroper
WillyGroper's picture

>>>>>Both perfectly legitimate and peaceful activities. Probably they are trying to escape the predations of government effected by the socialists you vote for.

Of course regulatory capture makes it legit. Validate the multinationals on the taxpayer teat. Like there's a difference between blue & red mouth pieces. WTF do you know who I did or did not vote for? 
Tue, 08/14/2012 - 17:17 | 2705053 ajax
ajax's picture



to agoracom and "willygroper",

The average American doesn't shoot rich people. Why not? Too much respect.

Tue, 08/14/2012 - 15:14 | 2704710 Renewable Life
Renewable Life's picture

Just comical at this point really!!

It's NOW legal to steal, if you can get a bank license!  The politicans are so bought and paid for, they don't even apoligize for it anymore.  Super Pacs have exposed the fraud we call a democracy, for what it is, ala the Supreme Court!! There is no going back from here, without massive uphevel and chaos! 

Libya, Tunesia, Yemen, Egypt, Bahrain yesterday.......Syria, Lebanon, Pakistan, Central Africa today........Former Soviet satilites, India, Japan, Eastern and Southern Europe tomorrow!!

After that, we will find out what these government agencies have been buying all this ammo for! 

Obama and his people are completely melting down at this point, they have to be the stupidest group of idiots to deal with!!  Romney isn't much better, but at least he gonna pretend to care, with Ryan as his pick for VP!!  But just wait until the average Joe finds out whats coming for him, with this Ryan budget (or any budget that fixes the problem frankly)!!!!  You think Greece was violent, American's are the kings of lecturing others about austerity and prudence, while spending the credit card to oblivion and screaming whats good for you isnt good for me!!  It will be unreal WTSHTF, what kind of political bedfellows will emege, so everyone can stay on the dole, from Corporations to welfare moms!! People like who are talking like Paul Ryan and Ron Paul economicaly, will be lucky to get out of the room alive!!

Tue, 08/14/2012 - 18:20 | 2705112 YouAreBliss
YouAreBliss's picture

Hey Moron, before you go jacking off to Ryan's picture - check out where his money came from!


Janna Ryan, Paul Ryan's wife -(where their money comes from) was a fucking CORPORATE LOBBYIST!!!

Just like that Dick Armey - the head of Freedom Works!  (you know that "grassroots" tea party movement run by the former Congressman and Lobbyist extaordinaire -funded by big corporate money).


This country is filled with idiots who buy all the Fox-Aganda has to spew - we are so fucked!





Tue, 08/14/2012 - 15:21 | 2704736 Joebloinvestor
Joebloinvestor's picture

No one is fired, bonuses are retained, business as usual.

Not even a note commending SC on their cooperation?

Tue, 08/14/2012 - 16:15 | 2704915 I am on to you
I am on to you's picture

A fine of 340 millions,to Standard C.

Contra Coldmens Sleases, setllement of 550 millions.

Leaves, Wallstreet ahead of City London, in this Olympic lovestory:Who can piss longest,without hitting the electric Fence:Could be read as,prison.

 Sadly it dont help, in this frigid world,of drug terror gun war traffiking conondrum,make room for the Orphans and Widdows,Tiiiimbbbbeeeerrrwooood,here comes the four Fabs,and they aint into Music!

Lean back and smile,no film can match these storys,of upstairs downstairs!

Tue, 08/14/2012 - 16:59 | 2705013 Dingleberry
Dingleberry's picture

Sigh......for a minute there I thought we would FINALLY see a bank get crushed. Call it temporary insanity. I won't make that mistake again. No matter what the bankster crime is.  They are truly untouchable.

Tue, 08/14/2012 - 17:44 | 2705085 YouAreBliss
YouAreBliss's picture

Come on let's be fair - you're not counting the real penalty.  Think of how much bribe-er-I mean campaign contributions they'll have to make.

It could easily be 3x this amount.


"Dust Bowl Dance" -  Mumford and Sons

"...I placed all my trust at the foot of this hill
And now I am sure my heart can never be still
So collect your courage and collect your horse
And pray you never feel this same kind of remorse

Seal my heart and brake my pride
I've nowhere to stand and now nowhere to hide
Align my heart, my body, my mind
To face what I've done and do my time. Well you are my accuser, now look in my face
Your opression reeks of your greed and disgrace
So one man has and another has not
How can you love what it is you have got
When you took it all from the weak hands of the poor?
Liars and thieves you know not what is in store

There will come a time I will look in your eye
You will pray to the God that you always denied
The I'll go out back and I'll get my gun
I'll say, "You haven't met me, I am the only son"

Seal my heart and brake my pride
I've nowhere to stand and now nowhere to hide
Align my heart, my body, my mind
To face what I've done and do my time

Well yes sir, yes sir, yes it was me
I know what I've done, cause I know what I've seen
I went out back and I got my gun
I said, "You haven't met me, I am the only son"


Tue, 08/14/2012 - 19:14 | 2705296 Silver Surfer 1985
Silver Surfer 1985's picture

Shakedown bitchez! Bullish! Purchase ES calls asap........or not

Tue, 08/14/2012 - 19:31 | 2705336 boiltherich
boiltherich's picture

I read the story this morning and I have been kind of pissed since.  SC operates all over the place, they damaged people globally, they broke the laws of the USA and gave a bad name to all of us, and yet the people of New York get to fine them a third of a billion bucks and keep the money as if that was the only state affected.  Why was this a state matter and not a federal matter?

Wed, 08/15/2012 - 01:07 | 2705952 jonjon831983
jonjon831983's picture

Pissed-ness is because they got to do it and made loads of cash... while the rest of us couldn't.

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