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August 7, 2012

Standard Chartered Tanking after Helping Iran Evade Sanctions

Standard Chartered’s Group Executive Director, according to reports, when confronted about his bank’s Iran dealings, said: ”You [expletive] Americans. Who are you to tell us, the rest of the world, that we’re not going to deal with Iranians.”

More on the story:

New York State’s financial watchdog has accused Standard Chartered of hiding $250bn of transactions with the Iranian government, leaving “the US financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes”.

The UK-based bank’s shares fell more than 6 per cent after the New York state Department of Financial Services (DFS) issued an order just before the London market closed on Monday, which included a threat to revoke the bank’s licence to operate in the state, and called it a “rogue institution”.

Hang ‘em high, we say.

Sanctions against Iran are the world’s best hope of stopping another war. Sleazy bankers bringing war closer to make money deserve everything that can be thrown at them.

Posted in Iran, Quick Takes, U.S. Foreign Policy
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  • JGreer

    ”You [expletive] Americans. Who are you to tell us, the rest of the world, that we’re not going to deal with Iranians.”

    I guess we’re the same ones who will tell him that he will not be operating his[expletive] banks in the US.

  • http://whatdirectdemocracymightbe.wordpress.com/ Daryl Davis

    Your zeal begs the question: Is it appropriate for the U.S. to impose sanctions upon Iran in order to slow its steps toward a nuclear program? And are such sanctions really stopping the program–or just hurting the Iranian people?

    If we’re committed to stopping their nuclear program, and viruses won’t cut it, let’s attack directly and face the consequences. Or better yet, assassinate their leaders–if we’re truly certain their plans for the bomb are nefarious.

    But why play around with the U.N. and “civilized” sanctions? Leave the Iranian people out of this, if at all possible.

  • Andrew Allison

    Not VM’s finest hour. Whatever happened to innocent until proven guilty? You might at have at least mentioned that the bank has stated that only $14 million of transfers were in violation, and added “In the event the charges are sustained” after “hang em high” (a sentiment with which I agree if they are guilty). If you are in need of some scandalous material to discuss, I offer Sleazebag, er Senator Harry Reid who, let us not forget, is supposedly a Mormon and who, like the rest of Congress, declines to do what he demands of Romney.

  • Jim.

    Please update this article if the stock price in question “tanks” a little harder than 6%.

  • Mrs. Davis

    How about 16.4% on Tuesday after Monday’s 6%?

  • Mick The Reactionary

    @Andrew Allison:

    “Not VM’s finest hour. Whatever happened to innocent until proven guilty?”

    Mr Mead does not believe that facts are necessary for his blog postings.

  • jsmith9999

    “You [expletive] Americans. Who are you to tell us, the rest of the world, that we’re not going to deal with Iranians.”

    ~ Well…

    -5 times the population of the UK.
    -8 times the GDP of the UK.
    -5 times the land area of the UK.
    - And… 12 the military spending of the UK.

    That’s who we [expletive] Americans are. Cheers! ;^d

  • Paul Graham

    Oh dear, we seem to have missed the word “allegedly” from the title here.

    It ought to be obvious to moderately informed observers that the regulator has seriously over-reached with these accusations.

    The New York state Department of Financial Services was only established a few months ago, and are trying to make a name for themselves. Some name…

  • Andrew Allison

    @Mick The Reactionary
    I beg to differ. Were VM’s essays and commentary not usually far above par, this slip would not have been noteworthy.

  • Jim.

    @Mrs. Davis-

    That’s better. So, do you think it’ll drop below 50% its pre-expose’ value?

  • Mrs. Davis

    Up 8% today, down 15% over 3 days. Who knows where it will go?