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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:


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."


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Mon, 08/06/2012 - 11:43 | 2681818 LawsofPhysics
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...

Mon, 08/06/2012 - 11:47 | 2681833 malikai
malikai's picture

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

Mon, 08/06/2012 - 14:02 | 2682254 Buckaroo Banzai
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.

Mon, 08/06/2012 - 19:06 | 2683104 Thomas
Thomas's picture

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

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

Mon, 08/06/2012 - 11:50 | 2681837 Cognitive Dissonance
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.

Mon, 08/06/2012 - 12:05 | 2681871 Manthong
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?

Mon, 08/06/2012 - 12:21 | 2681909 boogerbently
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.

Mon, 08/06/2012 - 13:50 | 2682193 blindchicken
Mon, 08/06/2012 - 12:23 | 2681918 disabledvet
disabledvet's picture

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

Mon, 08/06/2012 - 12:04 | 2681869 vast-dom
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. 

Mon, 08/06/2012 - 12:07 | 2681879 john39
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...

Mon, 08/06/2012 - 12:17 | 2681898 azzhatter
azzhatter's picture

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

Mon, 08/06/2012 - 12:33 | 2681946 Global Hunter
Global Hunter's picture

Or Oliver North!

Mon, 08/06/2012 - 13:31 | 2682136 q99x2
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.

Mon, 08/06/2012 - 17:20 | 2682907 LMAOLORI
LMAOLORI's picture




Companies With Permission to Bypass Sanctions

Mon, 08/06/2012 - 11:44 | 2681820 Meesohaawnee
Meesohaawnee's picture

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

Mon, 08/06/2012 - 12:13 | 2681825 SheepDog-One
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.

Mon, 08/06/2012 - 11:45 | 2681827 PaperBear
PaperBear's picture

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

Mon, 08/06/2012 - 11:45 | 2681828 Cognitive Dissonance
Cognitive Dissonance's picture

I <heart> scapegoats.

Mon, 08/06/2012 - 11:46 | 2681831 buzzsaw99
buzzsaw99's picture

too bad they aren't jpm or the squid

Mon, 08/06/2012 - 17:26 | 2682917 LMAOLORI
LMAOLORI's picture


"too bad they aren't jpm or the squid"



JPMorgan Employees Join Goldman Sachs Among Top Obama Donors

Mon, 08/06/2012 - 11:47 | 2681834 long-shorty
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."

Mon, 08/06/2012 - 11:53 | 2681850 Dr. Engali
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.

Mon, 08/06/2012 - 11:55 | 2681853 buzzsaw99
buzzsaw99's picture

the usa ptb take orders from israel not china peons

Mon, 08/06/2012 - 13:25 | 2682112 machineh
machineh's picture

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

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

Mon, 08/06/2012 - 15:03 | 2682469 sessinpo
sessinpo's picture

This is funny stuff.

Mon, 08/06/2012 - 11:53 | 2681851 Lost Wages
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.

Mon, 08/06/2012 - 11:59 | 2681859 CheapBastard
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.

Mon, 08/06/2012 - 11:59 | 2681863 LongSoupLine
LongSoupLine's picture

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

Mon, 08/06/2012 - 12:03 | 2681866 firstdivision
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. 

Mon, 08/06/2012 - 15:39 | 2682573 Tijuana Donkey Show
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.

Mon, 08/06/2012 - 12:13 | 2681891 Temporalist
Temporalist's picture

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

Mon, 08/06/2012 - 12:21 | 2681908 Seasmoke
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

Mon, 08/06/2012 - 12:33 | 2681951 Global Hunter
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?

Mon, 08/06/2012 - 13:14 | 2682071 ParkAveFlasher
ParkAveFlasher's picture

Professional sports are by definition money laundering enterprises. 

Mon, 08/06/2012 - 12:25 | 2681919 reader2010
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.

Mon, 08/06/2012 - 12:34 | 2681941 Global Hunter
Global Hunter's picture

deleted (good link btw)

Mon, 08/06/2012 - 12:25 | 2681921 disabledvet
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.

Mon, 08/06/2012 - 12:35 | 2681952 LeisureSmith
LeisureSmith's picture

One call from the PBOC and the PPT gets crackin.

Mon, 08/06/2012 - 12:27 | 2681931 NidStyles
NidStyles's picture

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

Mon, 08/06/2012 - 12:28 | 2681934 Global Hunter
Global Hunter's picture

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

Mon, 08/06/2012 - 12:29 | 2681938 slaughterer
slaughterer's picture

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

Mon, 08/06/2012 - 12:31 | 2681943 michigan independant
michigan independant's picture

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


Mon, 08/06/2012 - 12:33 | 2681948 worbsid
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.


Mon, 08/06/2012 - 12:36 | 2681954 Shizzmoney
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.

Mon, 08/06/2012 - 12:41 | 2681968 slewie the pi-rat
slewie the pi-rat's picture

we're fuking saved!

The Bank Song

Mon, 08/06/2012 - 12:45 | 2681981 ZeroPoint
ZeroPoint's picture

JP Morgan must have been cut out of the deal.

Mon, 08/06/2012 - 12:53 | 2682004 Sudden Debt
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.....

Mon, 08/06/2012 - 12:56 | 2682015 tradewithdave
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.


Mon, 08/06/2012 - 13:19 | 2682087 Joebloinvestor
Joebloinvestor's picture

Just another example of UK corruption.

Remember the UK company that was building the "Super cannon" for Sadam?

The UK either has the worst regulators due to incompetance or corruption or both.

International egg on their faces everytime this shit gets exposed, but I don't remember any serious jail time.

The only guy who really paid was Gerald Bull.

Mon, 08/06/2012 - 14:04 | 2682269 Joshua Falken
Joshua Falken's picture

Dear Joebloinvestor

You need to get out more and find what the world thinks of America Inc. 

From abroad all we see is a seady stream business leaders like Ivan Boeski, Michael Milkin, Charles Keating, John Meriwether, Henry Blodget, Kenneth Lay, Bernie Ebbers, Angeko Mozilo, Hank Greenberg, Dick Fuld, Chuck Prince, Bernie Madoff, Brian Hunter, John Corzine, Russell Wasendorf and Tom Joyce.

Please don't lecture the "Old World" about incompetance and corruption when your own system is more rotten than the house of Denmark. 

Mon, 08/06/2012 - 14:23 | 2682332 Joebloinvestor
Joebloinvestor's picture

A lot of those names you mention WENT TO JAIL.


Name a few EU fucks that have been incarcerated.


I ain't talking low level scapegoats either.


Mon, 08/06/2012 - 15:23 | 2682531 Joebloinvestor
Joebloinvestor's picture

One was arrested.




The former Chief Executive and Chairman of Anglo-Irish Bank has appeared in court in Dublin charged in connection with financial irregularities at the bank.

Seán FitzPatrick was charged with 16 offenses under Section 60 of the Companies Act.

He is accused of permitting Anglo Irish Bank to give financial assistance to Patricia Quinn, her five children and ten senior clients of the bank who became known as the ‘Maple 10?, to enable the 16 to buy shares in the bank.


Mon, 08/06/2012 - 13:27 | 2682121 Joshua Falken
Joshua Falken's picture

Dear New York Department of Financial Services

You can stick your banking licence where the sun don't shine.  We make more moiney out of Iran than the US and the cost of doing business is significantly lower both financially and morally.

You got yourselves into this mess, so I am sure you don't need Standard Chartered's help as we are mainly focussed in Asia where all the money is.

Up yours and Good Luck on your own Ha Ha Ha

Standrad Chartered

Mon, 08/06/2012 - 13:45 | 2682174 MSimon
MSimon's picture

Follow especially the Catherine Austin Fitts links.

Mon, 08/06/2012 - 14:47 | 2682423 Scalaris
Scalaris's picture

Obviously the roguishness of some rascal delta trader from Montbéliard.

Clear as day.

Mon, 08/06/2012 - 15:07 | 2682464 Dubaibanker
Dubaibanker's picture

They are Stranded and Shattered what?

Mon, 08/06/2012 - 15:24 | 2682536 JPMorgan
JPMorgan's picture

“You fucking Americans. Who are you to tell us, the rest of the world, that we’re not going to deal with Iranians.”

Bravo that man!

Mon, 08/06/2012 - 15:48 | 2682599 analyzer_66
analyzer_66's picture

when will the management of Standard Chartered be arrested and perp walked out of their offices for partaking in transactions with a terrorist state ? if a single white non bank affiliated male had done 250 MM in business in Iran, it would mean a trip to Gitmo in front of a military tribunal court with no phone call and no legal assist.  The management of Standard will go home tonight and laugh about this news over caviar and martinis.

Mon, 08/06/2012 - 16:08 | 2682677 Bunga Bunga
Bunga Bunga's picture

What do you expect from a consultant named Toilette & Douche?

Carl Steidtmann, chief economist at Deloitte Research, called the housing bubble a myth:


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