Another British bank accused of laundering $250 billion for Iran from it's NY based operation (ethics, Reagan)

[softblueyz]

Big time money laundering by HSBC and now Standard Chartered.

What is it with British banks setting up shop in the US to launder money? Why don't they pull it off in the UK, or are the banking regulations stronger there than in the US?

Should stronger banking regulations be put in place in the US for ALL banks? remain status quo? or implement further deregulation as supported by the Repubs and yes, the Dems - except Obama wants to "tweak" certain regulations that, in his opinion, "don't make sense".

http://www.nytimes.com/2012/08/07/bu...-iranians.html

Using its New York-based operations, a major British bank schemed with the Iranian government for nearly a decade to launder $250 billion, leaving the United States financial system vulnerable to terrorists and corrupt regimes, New York’s top banking regulator charged on Monday.

The New York State Department of Financial Services accused Standard Chartered, which the agency called a “rogue institution,” of masking more than 60,000 transactions for Iranian banks and corporations, motivated by the millions of dollars it reaped in fee

The bank said Monday night that it “strongly rejects the position and portrayal of facts” by the agency

Portrayal of facts? Hmmmmmmmmmmm, is that to say they were doing it, but the agency just got the "facts" wrong?

.........in 2006, according to the order, the bank’s chief executive for the Americas wrote his bosses in London that the transactions had “the potential to cause very serious or even catastrophic reputational damage to the group.”


According to the order, the response was hostile, denigrated Americans and asked: “Who are you to tell us, the rest of the world, that we’re not going to deal with Iranians.” The department of financial services, led by superintendent Benjamin M. Lawsky, said it was “impossible to know” how much of the money might have been used by Iran to finance its nuclear program or to support terrorist organizations.

Errrr, The UK supports and implemented sanctions against Iran.

Seems some Brits can't get over the fact that they lost the battle and that we don't bow to their Queen.

[Pruzhany]

What is it with British banks setting up shop in the US to launder money? Why don't they pull it off in the UK, or are the banking regulations stronger there than in the US?

Because business is business. Like any other country its only illegal after you get caught. There are no ethics before.

[Fear&Whiskey]

Who cares? Greed is good right? Pesky things like moality and a properly regulated banking sector are just so 1980's.

Everything has been eroded in the name of greed and history has proven Thatcher and Reagan to both be incompetent or just plain ruthless.

Either way Government in the interest of the people died with the rights American and British voters uproariasly applauded when they thought they were part of the winning team. Then they came for your rights, jobs and pensions etc....

It's hard to hate an American president who is dumb enough to believe that trees cause more pollution than automobiles but their crony capitalism compliant ideology that propped up South American dictators and obliterated community values and ethics is slowly turning this world into a depraved culture of raving zombie like vultures preying on any misfortune or corruption that bankrolls the gluttony and allows wholesale expulsion of the values that once stood for humanity.

I suppose if Reagan could sell lawnmowers he could sell the end of the American dream just as easily. People are so self-absorbed these days they probably care more about their damn lawn.
What a wonderful world.