Barclays FINED Nearly $300 Million For Trading With Iran, Cuba, Sudan
Barclays Bank PLC has agreed to pay $298 million over criminal allegations that it illegally engaged in financial transactions with banks in Cuba, Iran, Libya, Sudan and Burma, the Justice Department disclosed in court papers Monday.
The countries are all under economic and trade sanctions by the U.S. government.
Barclays and the Justice Department's criminal division entered into a deferred prosecution agreement for two years that will delay, and in all likelihood ultimately rule out, any criminal proceedings if Barclays demonstrates to federal prosecutors that it complies with U.S. laws.
The bank was accused of violating the Trading with the Enemy Act and the International Emergency Economic Powers Act.
You people who say deregulation messed up this country are totally off base.
We have rules. They got caught. They get a proverbial slap on the wrist. Where's the jail time? Where are the executives in orange jump suits in the court room?
Enron? WorldCom?
The rules are selectively enforced. Fannie and Freddie should be in the pen with Madoff.
Haven't we been shutting down organizations who fund terror organizations?
Ridiculous.
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