Another day anaother banking scandal. Confidence in the banking sector is at an all time low. Profits for a privileged few and whopping banking bonus payments though are at an all time high. Yet the banks it seems are far from playing an honest game. Many of us these days are forced to use banks, like it or lump it. In the UK the days of receiving cash as a wage are long gone. Even state pensions and benefits are paid by way of a cheque or current account deposit. The banking sector has the population just where it wants it.
Today's scandal relates to UK based Standard Chartered Bank, although the allegations centre around overseas sections of the company..
According to investigators in the US the bank has been money laundering. The allegation is that the bank has used "flagrantly deceptive actions" which left the US "vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes"
The bank responded to the allegations by issusing a full statement. In this reresentatives said, "The group strongly rejects the position or the portrayal of facts as set out in the order issued by the DFS." The statement added that the bank did "not believe the order issued by the DFS presents a full and accurate picture of the facts."
The furore surrounds transactions involving Iran. Standard have continued to claim that "99.9% of the transactions relating to Iran" complied with regulations. The US investigators tell a different tale.
Are the allegations true or simply being used as a way to topple a non US bank?
Certainly today the reprucussions have been swift and tough. Late yesterday when details of the report were released share prices in the Bank nosedived. They have tumbled further today and will soon hit rock bottom.
The Bank's recent advertising literature has claimed, "We've operated for over 150 years in some of the world's fastest-growing markets. We aim to lead the way in Asia, Africa and the Middle East."
Perhaps the Bank is being held responsible for a handful of foreign traders?
US regulators however now claim that Standard is nothing more or less than a rogue institution. With £10bil wiped of the company's value, since yesterday, it seems the allegations are being assesed by many as accurate truths.
The US finacial services department has said that Standard's hid $250bn (£160bn) in transactions tied to Iran, in violation of US law.
Opinion: People, glass houses and stones, springs to mind.
Today's scandal relates to UK based Standard Chartered Bank, although the allegations centre around overseas sections of the company..
According to investigators in the US the bank has been money laundering. The allegation is that the bank has used "flagrantly deceptive actions" which left the US "vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes"
The bank responded to the allegations by issusing a full statement. In this reresentatives said, "The group strongly rejects the position or the portrayal of facts as set out in the order issued by the DFS." The statement added that the bank did "not believe the order issued by the DFS presents a full and accurate picture of the facts."
The furore surrounds transactions involving Iran. Standard have continued to claim that "99.9% of the transactions relating to Iran" complied with regulations. The US investigators tell a different tale.
Are the allegations true or simply being used as a way to topple a non US bank?
Certainly today the reprucussions have been swift and tough. Late yesterday when details of the report were released share prices in the Bank nosedived. They have tumbled further today and will soon hit rock bottom.
The Bank's recent advertising literature has claimed, "We've operated for over 150 years in some of the world's fastest-growing markets. We aim to lead the way in Asia, Africa and the Middle East."
Perhaps the Bank is being held responsible for a handful of foreign traders?
US regulators however now claim that Standard is nothing more or less than a rogue institution. With £10bil wiped of the company's value, since yesterday, it seems the allegations are being assesed by many as accurate truths.
The US finacial services department has said that Standard's hid $250bn (£160bn) in transactions tied to Iran, in violation of US law.
Opinion: People, glass houses and stones, springs to mind.
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