Latest British banking scandal: Standard Chartered

[Sheilbh]

It won't be long before they move to Hong Kong anyway. 

that won't help them b/c they will still need to be able to transact in US $

Of course, I meant it won't be our problem/embarrassment and the major argument against increasing regulation in London, which is now inevitable, is that this bank and ones like HSBC would move east. Which also seemns more or less olinevitable (especially in this case because from what I understand they're basically an East Asia bank with a London HQ).

[The Minsky Moment]

Of course, I meant it won't be our problem/embarrassment and the major argument against increasing regulation in London, which is now inevitable, is that this bank and ones like HSBC would move east. Which also seemns more or less olinevitable (especially in this case because from what I understand they're basically an East Asia bank with a London HQ).

Moving operations East is inevitable because increasingly that's where investors and clients are located.
But London is always going to be a very big and important financial center - only its relative position will be impacted.

The notion that regulation drives away business is also wrong.  Good, transparent regulations that are honestly implemented and enforced make a financial center more attractive, not less.  yes there is some compliance burden, but that is radically outweighed by the fact that clients and investors have confidence about transacting in that location. Were it otherwise, then Panama and Lichtenstein would be bigger financial centers than New York and London.

[Richard Hakluyt]

How important is it where the HQ is located anyway? Standard Chartered is a "British" bank that apparently does most of its business in Asia but also 40% of its business is transacted in US dollars. I wonder who the shareholders are? It is listed in London and HK.......just looked it up and the largest shareholder is the government of Singapore. Does it really matter where the top few hundred or so workers are based (except to them) ?

Genuine questions btw, not trying to make any point.

[The Minsky Moment]

How important is it where the HQ is located anyway? 

It matters in terms of staffing and support services, in terms of having a critical mass of industry players in a single place, and because key client, counterparty and governmental/regulatory relationships still require some face-to-face time.

[CountDeMoney]

I hope they all fucking hang.  Hanging them for just being bankers would be satisfying enough, but aiding Iran is mo' gravy, Ma.

[Ed Anger]

Lolz, paid 340 mil to get NY off their back.

[Richard Hakluyt]

Can't say I'm pleased with the result. If they really recycled $250bn of Iranian money then why have they been let off so lightly? Alternatively, if a mere $14m slipped through the net then the fine is way over the top...........$14m could be regarded as an excellent result given the scale of the bank's operations.

It looks like a bribe to be allowed to operate in NY 

I await Minsky's opinion with interest. The media are not doing great with this one, the mixture of banker-bashing and economic nationalism makes it hard to get a balanced view on the story.

[frunk]

The question is whether the Feds leaned on NY to let them off, either so their investigation can proceed without interference or for something shadier.

[The Minsky Moment]

The process by which lawsuits get settled is akin to sausage manufacture.
Best not to examine too closely.

[Richard Hakluyt]

Ty Chancellor Bismarck 

(I thought we had a pickelhaube smiley  )

[Syt]

I had made one years ago, but it wasn't accepted.

[jimmy olsen]

I had made one years ago, but it wasn't accepted.

Are you sure? I thought it was, but then it got lost in one of the crash and transfers.

[CountDeMoney]

Can't say I'm pleased with the result. If they really recycled $250bn of Iranian money then why have they been let off so lightly? Alternatively, if a mere $14m slipped through the net then the fine is way over the top...........$14m could be regarded as an excellent result given the scale of the bank's operations.

It looks like a bribe to be allowed to operate in NY 

Gee, ya think?  Fuckers just keep getting away with it all, over and over and over...

Y'ALL BE BACK IN CHAINS