August 14, 2012
Standard Chartered Bank and Iran. Yawn?
Americans are jaded by the size and shape of the financial crisis that ripped through banking in 2008. Bernie Madoff, AIG, "too big to fail," Goldman Sachs, subprime lending, unfathomable derivatives, and underwater mortgages make it hard to work up much steam on yet another banking story. And you could be forgiven for thinking a tome entitled "NY State Department of Financial Services in the Matter of Standard Chartered Branch, NY, NY" would be dull. But Benjamin M. Lawsky, superintendent of the NY State Department of Financial Services, has written the banking equivalent of pornography. (Words you never thought you'd read together, right?) It is the disgusting description of how a British bank and its U.S. subsidiary conspired over a decade to allow Iran to evade U.S. banking sanctions, and how a well-known American consulting firm covered it up in an "independent report." The shocker isn't the 60,000 secret transactions. It isn't the more than $250...(Read Full Article)