Backstory: What Happened at Standard Chartered

Thursday, August 16, 2012

Earlier this week, the British bank Standard Chartered announced that it would pay $340 million in civil penalties to a New York State regulator to end an inquiry into whether the bank had processed $250 billion in transactions with Iran. On today’s Backstory, Thomas Easton, New York Finance and Economics Correspondent for the Economist, explains what happened at Standard Chartered, why other agencies are now investigating what happened, and what this and recent incidents tell us about bank regulation today.


Thomas Easton

Comments [5]

Hugh Sansom

If The Leonard Lopate Show hasn't already done so, it would be a great partner segment to this one to look at prominent Americans supporting MEK‚ Mujahedeen Khalq or People's Mujahedin of Iran, a group the US expressly identifies as terrorist but which has hired numerous well-connected Americans, including former Pennsylvania Governor Edward Rendell. Under the law that the Obama administration has employed against Muslims, Rendell and others should be facing prosecution.

Other recipients of MEK's funding:

James Woolsey, CIA
Michael Mukasey, Attorney General
Tom Ridge, Homeland Security
Rudolf Giuliani
Howard Dean

Aug. 16 2012 01:57 PM
Leo from Queens

why is my question to the guest not being posted?
Is there an active criminal investigation of the Standard Charter bank and its executives?

Aug. 16 2012 01:57 PM
Leo from Queens

Ask your guest if there is an active criminal investigation against Standard Charter and it's executives since the accusation involve funding terrorism, money laundering and helping an enemy of the state?

also, since corporations are people too, "my friend", and I'm a 'people' person, does that mean that I can launder money for Iran or the Mexican drug cartels and only have to pay a percentage of what I launder for them? This is based on the premise of 'equal treatment under the law'.

Aug. 16 2012 01:54 PM
Leo from Queens

Standard Charter supports and funds terrorism!

Aug. 16 2012 01:51 PM
Nancy from Manhattan

Another good reason to follow English football [soccer]: You'd know what Standard Charter is. Read those Liverpool jerseys.

Aug. 16 2012 01:46 PM

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