Standard Chartered (SCBFF.PK +9%) agrees to pay $340M to NY State to settle charges it laundered...

Standard Chartered (SCBFF.PK +9%) agrees to pay $340M to NY State to settle charges it laundered hundreds of billions of dollars from Iran. "The parties have agreed that the conduct at issue involved transactions of at least $250B," says NY's Ben Lawsky. Anybody who bought on last week's initial airing of the charges is ahead more than 20% today.
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Comments (4)
  • lsimmo
    , contributor
    Comments (3) | Send Message
    It is interesting to see this agreement.
    Unfortunately the retail investor is again stuffed by the Establishment.
    I had my stops set at -10 % and the stock drops 29% in 15 minutes.
    Only to recover over the next 48hrs.
    The bank settled for a £350M fine whoopee......


    Poor old Joe public
    14 Aug 2012, 02:55 PM Reply Like
  • brachiosaurus
    , contributor
    Comments (226) | Send Message
    that's among the reasons why setting stops is a terrible idea. I guess we all learn the hard way :( Better luck next time
    14 Aug 2012, 05:44 PM Reply Like
  • shel danielson
    , contributor
    Comment (1) | Send Message
    $340 Million to "Settle charges". Not the first time they've been involved with money laundering. A chain of conspiracy throughout the organization. No penalty for Deloitte & Touche for "watering down" their reports. No individual criminal charges at Standard Chartered or Deloitte. The only accountability is: shareholders on the hook for the penalty. Surely there are honest banks to serve Standard Charter clients. So why should they be allowed to continue doing business in this country?
    14 Aug 2012, 06:01 PM Reply Like
  • moneyTalksBSWalks
    , contributor
    Comments (194) | Send Message
    Cool, well played Lawsky. Good ole shakedown of StanChart and very quick settlement. Presumably also includes an under the table commitment to Lawsky's run for whatever political ofc he wants to run for.
    14 Aug 2012, 08:33 PM Reply Like
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