Standard Chartered Gets HSBC'ed

Tyler Durden's picture

Just because one foreign - note: not local because US bankers know very well where the bodies are buried -  bank (whose CEO forgot to bribe American congressmen as efficiently as some other bank CEOs), namely HSBC, was not enough to convince Americans just how active America's corrupt political muppets are when it comes to eradicating the evil banking scourge, here comes redirection target #2:

  • STANDARD CHARTERED MAY FACE SUSPENSION OVER IRAN TRANSACTIONS
  • BANK HAD $250 BLN IN TRANSACTIONS WITH IRAN, REGULATOR CLAIMS
  • STANDARD ORDERED BY N.Y. FINANCIAL REGULATOR TO HIRE MONITOR
  • STANDARD CHARTERED ORDERED TO APPEAR BEFORE N.Y. REGULATOR

Some more detail via Bloomberg:

Standard Chartered Plc conducted more than $250 billion worth of transactions with Iranian entities over a seven-year period, in violation of U.S. anti-money laundering laws, a New York state financial regulator said today in a statement.

 

The London-based bank may lose its license to operate in the state, the New York Department of Financial Services said in the statement.

In other news, the National Association of Realtors is still exempt from Anti-Money Laundering provisions, and as a result, continues to launder money for ill gotten billionaires, drug kinds, petrodollars, and various other tyrants, despots and dictators in the form of US real estate. Which makes sense: at least they keep the price of US real estate high, so why should the laws that apply to some, apply to all? After all, it's only "fair."

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
LawsofPhysics's picture

Was wondering when ZH would pick up on this, the "club" continues to get smaller.  who's firm is in and who's is out, place your bets...

malikai's picture

So I guess those Anti money laundering "classes" they all have to take are for naught?

Buckaroo Banzai's picture

By criminalizing money laundering, and then looking the other way, the PTB have a marvelous tool to keep banks in line. It's just another control system employed by our shadowy masters lurking behind the curtain.

Thomas's picture

Correction: Standard Chartered and HSBC both got BCCI'd. 

I cannot type this enough: I hope the big banks die.

Cognitive Dissonance's picture

The first culling of the herd was done via the run up to the 2008/09 "crash" and of course TARP and the various other back room deals. Or more accurately by "allowing" certain unloved (less loved?) stepchildren to fail.

It is always instructive to look through the waste stream. One learns a lot about the occupants by dumpster diving.

Manthong's picture

"Standard Chartered Plc conducted more than $250 billion worth of transactions with Iranian entities over a seven-year period, "

Golly, gee whiz.. how could that much money slip by all those regulators?

boogerbently's picture

If anyone saved the article from yesterday I'd appreciate you posting the link.

It was a "book review" on a book about grassroots revolution being the only way to take back our govt.

disabledvet's picture

Eh. We Americans deal in trillions now. BIT PLAYER!

vast-dom's picture

actually i find nothing wrong with any of this. it pales in comparison to what Fed does. drug dealing is more honest than banking and policing. 

john39's picture

but lets face it... the bankers own big pharma... and control the illegal drug trade as well.  umbrella corporation, sci-fi myth, or reality...

azzhatter's picture

Wow, that's more business than GE has been doing with Iran secretly for years

q99x2's picture

My bets are on the Bush family corporations and corporations of other heads of the CIA. They have access to take out and absorb every one of their competitors.

Meesohaawnee's picture

bullish.!! SPY to 1500 by friday! Call CNBS quick. the got some more pumpin to do.

SheepDog-One's picture

Dont forget NYC Rabbi human organ and child porn trafficking rings money laundering. And also major US banks connected to laundering Mexican drug and gun cartel money....nevermind.

PaperBear's picture

Iran is not the enemy. The dug running CIA and the big banks who launder drug money are the enemy.

buzzsaw99's picture

too bad they aren't jpm or the squid

long-shorty's picture

Standard Chartered Releases Statement in Reponse to Allegations of New York Attorney General

"Hey, at least we aren't Penn State."

Dr. Engali's picture

So let me get this straight. You trade with Iran for seven years, who seems to be guilty of owning oil and gold, and you get pennalized . But you trade with China who commits human rights violations by the hour and it's okay? We live in a fucked up world.

buzzsaw99's picture

the usa ptb take orders from israel not china peons

machineh's picture

Bloomberg identifies the "New York regulator" as one Benjamin Lawsky.

http://topics.bloomberg.com/benjamin-lawsky/

Why's an Irishman like Lawsky attacking a British bank which may have dealt with Iran? /sarc

Lost Wages's picture

The last paragraph basically says we should start committing crimes and use the money to buy homes, because anyone propping up the real estate market is exempt from the law.

CheapBastard's picture

<<the National Association of Realtors is still exempt from Anti-Money Laundering provisions, and as a result, continues to launder money for ill gotten billionaires, drug kinds, petrodollars, and various other tyrants, despots and dictators>>

 

I read that's why RE in Vancouver and Hong Kong are so high.....dirty money.

LongSoupLine's picture

"Ahhh Shit...we run their adds every 3 minutes" - Bloomberg

firstdivision's picture

Damn straight you shouldn't be allowed to do business with Iran.  How dare those Iranians overthrow the dictator...errr shah that we installed to rule the Iranians.  Those ingrates continued to snub their noses at us by choosing a democratic system. That is so un-American of them. 

Tijuana Donkey Show's picture

And they want to sell oil for something other than dollars? Do they understand the word PETRODOLLAR? Pure terrorism, plain and simple, next thing we're gonna hear is that they are taking gold for oil. Barbarians for a barbaric relic.

Temporalist's picture

Finally!  The regulators are in charge now, all will be fixed like the last time...

Seasmoke's picture

i am starting to notice , if your logo is on the front of a professional soccer club, that is a BAD thing

Global Hunter's picture

Wonder what kind of return one can using other people's money and then levering it 50:1 to put one's name on a footy shirt gets these days?

ParkAveFlasher's picture

Professional sports are by definition money laundering enterprises. 

reader2010's picture

Why they target SC? Here is the raw deal. SC is one of two most used banks by the Chinese elite for their offshore banking needs. Got it? It's a war move.

 

http://articles.chicagotribune.com/2012-08-05/news/sns-rt-us-china-usa-southchinaseabre87505n-20120805_1_south-china-sea-core-interests-xinjiang

disabledvet's picture

And of course Standard Chartered rallies on the news. Not that New York City...or the State for that matter...needs a loan.

LeisureSmith's picture

One call from the PBOC and the PPT gets crackin.

NidStyles's picture

This is what happens when governments create and sustain their monopolies. What did you expect, honesty? That's a childish notion.

Global Hunter's picture

Is the end of the vaporizing brokerage tactic and the start of the "conducting business with Iran" tactic?

slaughterer's picture

Pick your shorts wisely.  HSBC is not going down because of this. 

michigan independant's picture

http://www.youtube.com/watch?v=IwwuZr6H1LQ

This is what happens when governments create and sustain their monopolies. true

 

worbsid's picture

$250 billion in seven years.  Fire the regulators.  Why wasn't it caught the first year?  Oh wait ... they are bureaucrats and can't be fired.

 

Shizzmoney's picture

The fact they sponsor English Premier League football club Liverpool FC, owned by John Henry (who only cares about making money, fans be damed), makes perfect sense.

ZeroPoint's picture

JP Morgan must have been cut out of the deal.

Sudden Debt's picture

hmmmmm.... so actually, 250 billion to be confiscated by the bank to never be returned.
that should cause the banks to go up.
Like a foreign stolen QE3 because.... they are evil.....

tradewithdave's picture

Saw this coming in February... "Edge" banking gets pushed over the edge in an effort to save the appearance of Donk-Fraud.

 

http://tradewithdave.com/?p=9220