In Flex We Trust » Bank Hid $250 Billion That May Have Been Used To Finance Terrorism And Iran Nuclear Program

Over almost a decade, Standard Chartered Bank in midtown Manhattan concealed about 60,000 transactions by Iranian clients from U.S. authorities in order to rake in millions of dollars in fees, New York’s Department of Financial Services said.

Bank executives, “motivated by greed,” were fully aware they were flouting the rules between 2001 and 2010, Benjamin Lawsky, the department’s superintendent said.

In 2006, an employee in the New York branch complained to superiors that the bank’s Iran dealings might make it criminally liable.

“You f—— Americans,” was reportedly the response from a senior official in London. “Who are you to tell us, the rest of the world, that we’re not going to deal with Iranians.”

The bank acted as a “rogue institution,” and its actions “left the U.S. financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes,” Lawsky said.

The New York regulator threatened to revoke Standard’s U.S. banking license and demanded it hire an independent monitor.

via In Flex We Trust » Bank Hid $250 Billion That May Have Been Used To Finance Terrorism And Iran Nuclear Program.

About these ads
bayareaintifada

Springboard for News, Updates, Analysis & Action Alerts for 3rd World Liberation & Decolonization from the Bay Area & Beyond

murrjw

murrjw

Red and Black Britain

An anarchists voice

BROTHA WOLF

Howling For Justice!

grassrootreuter

για να οπλίσουμε την κριτική στην καθημερινή δράση για τον κομμουνισμό.

BCfm Politics Show

A Bristol Angle on World Politics

[Modern Times]

4th World Issues, International Politics & Conscious Afro-Indigenismo

CITIZENS REPORT VIOLENCE ON WOMEN AND GIRLS IN INDIA

A Newslog by The 50 Million Missing Campaign

United States Hypocrisy

A critical analysis of the American empire's high-minded rhetoric, and the ways in which it continually fails to square with reality.

Compliance Campaign

Campaigning for U.S. compliance with international norms

African In Ireland

In the eyes of an African

Foucault News

Activity relating to the work of French thinker Michel Foucault (1926-1984)

Aotearoa: A Wider Perspective

"The war is not meant to be won, it is meant to be continuous. Hierarchical society is only possible on the basis of poverty and ignorance. This new version is the past and no different past can ever have existed. In principle the war effort is always planned to keep society on the brink of starvation. The war is waged by the ruling group against its own subjects and its object is not the victory over either Eurasia or East Asia, but to keep the very structure of society intact." George Orwell

North London Antifascists

Keeping the streets of North London fascist free

NDN Impact

A Place for Indigenous News, Current Events, and Experiences

Kwatu

Zambia's Leading Internet Directory and Blog. Click A-Z to Use the Directory

James Bigila's Blog

News about Nigeria, Vacancies, New technology, Entertainment, Sports, Travel and lots more...

The Female Sankara

A lot of Africa, A lot of policy, All things development

Follow

Get every new post delivered to your Inbox.

Join 6,579 other followers