Bl***y Banks Again

A BANKER HAS BEEN CONVICTED OF BENEFIT FRAUD,CLAIMING BENEFIT DESPITE BEING PAID £500 A DAY.

What a b****y nerve!!!! Wonder who it is. Hester , appointed to run RBS when the Government turn control has had
over 3 years to put the Bank in order but has failed miserably and should be sacked. By the time all these charges are
paid off the Taxpayer will own 82% of nothing after pouring Billions to save RBS, Lloyds and Halifax.

Panda wrote:

What a b****y nerve!!!! Wonder who it is. Hester , appointed to run RBS when the Government turn control has had
over 3 years to put the Bank in order but has failed miserably and should be sacked. By the time all these charges are
paid off the Taxpayer will own 82% of nothing after pouring Billions to save RBS, Lloyds and Halifax.

IT WAS SOMEONE WHO OCCASIONALLY WORKED FOR SUCH INSTITIONS AS BARCLAYS WEALTH,PRESUMBLY WHILE WORKING TO GET THE RICH RICHER,HE CHOSE TO COMMITT BENEFIT FRAUD,TAKING MONEY FROM THE POOR TO GIVE TO A NON-POOR,HE WAS EARNING £3,000 A WEEK,SO I CALCALUTE

Standard Chartered Bank , one of the more respected and profitable Banks has been accused by the U.S. Fed of money
laundering to the tune of hundreds of millions of pounds for Iran.

SC shares have tumbled on the Hong Kong Stock exchange and if found guilty in the U.S. , could lose its Licence.

The Banking system is so corrupt now that it will be impossible to know that your Deposit is safe. As long as Banks were making huge profits, regulation was light , now all their chickens are coming home to roost. I hope the Government agrees not to lend any more money to U.K. Banks, Barclays was paying only 1% tax, disgraceful.!!

Standard Chartered shares dip on laundering allegations





Standard Chartered "has to open its books to show us what really happened," says Kroll's Penelope Lepeudry

Continue reading the main story
Related Stories

• Bank 'in $250bn scheme with Iran'
  
• What's gone wrong with the banks?
  
• Whistleblower attacks regulators
  

Shares of Standard Chartered bank have tumbled despite the bank denying allegations that it illegally "schemed" with Iran to launder money.

Shares fell 15% in early London trade, after falling 16% in Hong Kong.

The New York State Department of Financial Services said the UK-based bank laundered as much as $250bn (£161bn) over nearly a decade.

It said the bank hid transactions for "Iranian financial institutions" that were subject to US economic sanctions.

The regulator said that Standard Chartered had hidden 60,000 such secret transactions.

However, the bank denied the allegations, saying that it "strongly rejects the position or portrayal of facts as set out in the order" issued by the regulator.
'Not a full picture'
The US regulators labelled UK-based Standard Chartered a "rogue institution" and ordered the bank to "explain these apparent violations of law" from 2001 to 2010.

Continue reading the main story
“Start Quote

The regulators are not going to be merely convinced by a statement from the bank - they need to see the details. The bank will need to open up its books and back the statements with facts”

End Quote Penelope Lepeudry Kroll Advisory Solutions
The regulator also said that it would hold a formal hearing over the "assessment of monetary penalties". The bank has also been threatened with having its US banking licence revoked.

However, the bank said the order issued by the US regulator did not present "a full and accurate picture of the facts".

It said that it had conducted a review of its transactions, primarily those relating to Iran for the period between 2001 to 2007, and had given regular updates to the US authorities on the results of the investigation.

"As we have disclosed to the authorities, well over 99.9% of the transactions relating to Iran complied with U-turn regulations," the bank said.

"The total value of transactions which did not follow the U-turn was under $14m."

The so-called U-turns are started outside the US by non-Iranian foreign banks and only pass through the US financial system on the way to other non-Iranian foreign banks.

To ascertain whether these transactions are permitted or not under the current U-turn laws, US clearing banks use the wire-transfer messages they get from the banks involved.

If the banks do not have enough information, they are supposed to freeze the assets.

Penelope Lepeudry, managing director of Kroll Advisory Solutions, a consulting firm specialising in financial investigations, told the BBC that "if the allegations are confirmed, this is a very serious development".

"The regulators are not going to be merely convinced by a statement from the bank - they need to see the details," she said.

"The bank will need to open up its books and back the statements with facts."
Other schemes found
The allegations are far larger than those involving HSBC, which was recently accused by the US Senate of failing to prevent money laundering from countries around the world including Mexico and Iran.

It has set aside $700m to deal with any fines and penalties arising from those allegations.

The regulator said it had also uncovered evidence with respect to what are apparently similar schemes to conduct business with other countries under sanctions - Libya, Burma and Sudan.

"Investigation of these additional matters is ongoing," it added.

Continue reading the main story
Who is Standard Chartered?

• Standard Chartered is headquartered in London and its chief executive and chairman are based in the UK capital
  
• Its roots are in Asia; the Chartered Bank was founded by Royal Charter and opened in Bombay, Calcutta and Shanghai in 1858
  
• Standard Chartered Bank was formed in 1969 through the merger of Standard Bank of British South Africa and the Chartered Bank of India, Australia and China
  
• It currently makes two-thirds of its profit in Asia; only 10% of its operating profit last year came from the Americas and Europe
  
• It currently has 1,700 offices in 70 territories
  
• The bank made a pre-tax profit of $6.8bn in 2011
  
• The bank's New York office was first granted its foreign-branch bank licence in 1976
  

• Q&A: Standard Chartered-Iran scandal
  
• HSBC report: Key findings
  

The regulator said that its nine-month probe, which involved looking through more than 30,000 pages of documents, including internal Standard Chartered Bank (SCB) emails, showed that the bank reaped "hundreds of millions of dollars in fees".

"SCB's actions left the US financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes, and deprived law enforcement investigators of crucial information used to track all manner of criminal activity," it said.
'Staggering cover-up'
The bank was also accused of falsifying payment directions by stripping the message of unwanted data that showed the clients were Iranian, replacing it with false entries.

Senior management were also said to have codified their illegal procedures in formal operating manuals, including one labelled "Quality Operating Procedure Iranian Bank Processing".

"It provided step-by-step wire stripping instructions for any payment messages containing information that would identify Iranian clients," the complaint said.

In numerous emails going back as far as 1995, the bank's lawyers advised on ways to go about circumventing US sanctions.

In March 2001, Standard Chartered's legal advisor counselled that "our payment instructions [for Iranian clients] should not identify the client or the purpose of the payment".

By 2006, there were concerns raised about the bank's conduct in its New York branch.

The chief executive for the Americas sent an email to London saying the programme needs to "evaluate if its returns and strategic benefits are... still commensurate with the potential to cause very serious or even catastrophic reputational damage to the group".

But those warnings were ignored by senior management in London in what the regulator called a "staggering cover-up".

Among the violations of the law, the bank is accused of:

• falsifying business records
  
• failing to maintain accurate books and records
  
• failing to report misconduct to the regulator in a timely manner
  
• evading federal sanctions
  

The US Treasury, which implements the sanctions, said that it treated violations "extremely seriously".

THE DAY THAT THERE IS NO REPORTS OF BANKING SCANDALS ETC MIGHT BE A DAY OF GOOD NEWS.

Badboy wrote:THE DAY THAT THERE IS NO REPORTS OF BANKING SCANDALS ETC MIGHT BE A DAY OF GOOD NEWS.

Well, Badboy, I don't know what the good News could be....the hope that hosting the Olympics would bring in some money have proved groundless. Apparently, Hotels upped their prices by 100% in most cases and ended up half empty,

even Weymouth is out of pocket. Ben Ainslie didn't attract the crowd expected and shop earnings down 35% because

people don't want the hassle of trying to get into town, the same in Central London.Beijing and Australia both lost a

lot of money hosting the games .

SOMEONE AT LLOYDS ANTI-FRAUD TEAM STOLE OVER £2MILLION FROM LLOYDS BANKS.

Badboy wrote:SOMEONE AT LLOYDS ANTI-FRAUD TEAM STOLE OVER £2MILLION FROM LLOYDS BANKS.

http://news.sky.com/story/969875/lloyds-security-boss-admits-stealing-2-5m

By Rachel Younger, Sky News Correspondent
The head of digital fraud and security at Lloyds Banking Group has admitted stealing almost £2.5m from the firm she was hired to protect.

Fifty-year-old Jessica Harper, from Croydon, pleaded guilty to fraud and money laundering at Southwark Crown Court.

Harper had been employed at Lloyds since 2000 and began submitting false invoices in December 2007.

The court heard that over the next four years she fraudulently took a total of £2.46m from her employers.

Harper began to defraud Lloyds just months before the taxpayer was forced to stump up £20bn for a rescue package for the troubled bank.

An internal investigation at Lloyds revealed her crime, but the timing was embarrassing for a bank which remains partially publicly-owned.

Antony Swift, prosecuting, described Harper's crime as "a very simple fraud" and said she had already repaid £300,000 and was in the process of selling her house for around £700,000.

"That will be some £1m out of £2.5m that's gone missing," he said.

Judge Nicholas Loraine-Smith allowed Harper bail, with strict conditions, until sentencing on September 21.

He said: "The Crown tell me she has co-operated and is unlikely to flee. In those circumstances I can grant her bail on condition of residence at her present home address.

"And there will be a curfew of 9pm to seven in the morning," he added.

Harper has already had to hand in her passport and was also ordered not to apply for any international travel documents.

Crown Prosecution Service Central Fraud Division head Sue Patten said: "Jessica Harper has today been convicted of the type of crime the bank employed her to combat.

"The evidence in the case was clear and left Harper with little choice but to plead guilty - In doing so, she has admitted to a huge breach of trust against her former employer.

"Harper was expected to safeguard the financial interests of the bank. Instead, she submitted false invoices totalling more that £2.4m over a period of four years.

"She has also pleaded guilty to laundering the funds of the fraud."

Lloyds said in a statement: "As the court process is ongoing it would be inappropriate for us to comment."

IN ORDER NOT TO HEAR ALL THIS BAD NEWS ABOUT BANKS,YOU NEED TO DISAPPEAR DOWN A HOLE WITH NO CONTACT WITH THE OUTSIDE WORLD,THE BAD NEW ABOUT BANKS SEEMS TO COME DAILY.

Badboy, at the end of the day it's all been about greed and lack of Government control . They are not Banks anymore but Casinos gambling with other peoples money.

Standard Chartered are vigorously denying the U.S. Claims and murmurings about the U.S. targeting British Banks ,

First of all Barclays, now SC, to sully the British Banks reputation for trust and good governance. The U.S. needn't talk , they too have had their dodgy dealing Banks, they were the responsible for the sub-prime Mortgages that started all this

mess. At least the U.S. are doing something about it , unlike the incompetent British watchdog, the FSA.

Panda wrote:Badboy, at the end of the day it's all been about greed and lack of Government control . They are not Banks anymore but Casinos gambling with other peoples money.

Standard Chartered are vigorously denying the U.S. Claims and murmurings about the U.S. targeting British Banks ,

First of all Barclays, now SC, to sully the British Banks reputation for trust and good governance. The U.S. needn't talk , they too have had their dodgy dealing Banks, they were the responsible for the sub-prime Mortgages that started all this

mess. At least the U.S. are doing something about it , unlike the incompetent British watchdog, the FSA.

They still haven't audited the Fed yet!

AnnaEsse wrote:

Panda wrote:Badboy, at the end of the day it's all been about greed and lack of Government control . They are not Banks anymore but Casinos gambling with other peoples money.

Standard Chartered are vigorously denying the U.S. Claims and murmurings about the U.S. targeting British Banks ,

First of all Barclays, now SC, to sully the British Banks reputation for trust and good governance. The U.S. needn't talk , they too have had their dodgy dealing Banks, they were the responsible for the sub-prime Mortgages that started all this

mess. At least the U.S. are doing something about it , unlike the incompetent British watchdog, the FSA.

They still haven't audited the Fed yet!

I know AnnaEsse, I read your post about the Senator calling for an audit. I should think it would be a mammoth task.

Panda wrote:

AnnaEsse wrote:

Panda wrote:Badboy, at the end of the day it's all been about greed and lack of Government control . They are not Banks anymore but Casinos gambling with other peoples money.

Standard Chartered are vigorously denying the U.S. Claims and murmurings about the U.S. targeting British Banks ,

First of all Barclays, now SC, to sully the British Banks reputation for trust and good governance. The U.S. needn't talk , they too have had their dodgy dealing Banks, they were the responsible for the sub-prime Mortgages that started all this

mess. At least the U.S. are doing something about it , unlike the incompetent British watchdog, the FSA.

They still haven't audited the Fed yet!

I know AnnaEsse, I read your post about the Senator calling for an audit. I should think it would be a mammoth task.

I read something earlier today, which I can't find now, where someone was saying that auditing the Fed would expose government secrets!

I'm not quite sure whether the Fed is like the Bank of England or whether it has more powers. Although there is one

currency, each State has total autonomy, unlike the U.K. , but several States are almost Bankrupt.

Panda wrote:I'm not quite sure whether the Fed is like the Bank of England or whether it has more powers. Although there is one

currency, each State has total autonomy, unlike the U.K. , but several States are almost Bankrupt.

The States have autonomy and grant certain powers to the Federal Government. The 10th Amendment to the Constitution talks about the powers granted to the Federal Government and that the states have the right to secede from the union should the Federal Government overstep its powers as granted to it by the states.

Audit the Fed Threatens the Secrecy of the Federal Reserve Bank

August 7, 2012

Senator Ron Paul, author of the legislation called Federal Reserve Transparency Act of 2012 (HR459) that will subject Ben Bernanke and the privately-owned Federal Reserve Bank to a monetary audit policy has seen much support from his peers on Capitol Hill. The House of Representatives passed 327 – 98 on a vote last week which exceeded the necessary 2/3rd majority.

Bernanke, trying to deter the US Congress from digging into the private matters of the Fed, told House lawmakers that this legislation would allow a “nightmare scenario” of political meddling in monetary policy making. How pretentious of this head of the global Elite banking cartel to say that American representatives would be fumbling idiots meandering about in the matters of private shareholders being forced to disclose their agendas regarding our money system.

Paul, who is pushing for “transparency” in America’s relationship with the Fed, said that Americans are “sick and tired of what happened in the bailout and where the wealthy got bailed out and the poor lost their jobs and they lost their homes.”

Back in March, Bernanke lectured at the George Washington University in a propaganda stunt to reaffirm to the younger generations that the Federal Reserve is necessary and integral to the US monetary future. Bernanke claimed that “a central bank is not an ordinary commercial bank, but a government agency.”

By fabricating the factual need of the Fed as a cornerstone of our currency system, Bernanke tried to coerce the public on the benefits of the Fed. Dennis Kucinich said that “it’s time that we stood up to the Federal Reserve that right now acts like some kind of high, exalted priesthood, unaccountable to democracy.”

Paul wants to show the American public that their hard-earned money is going into off-shore accounts to support the global central banking cartels and fund their agendas. The focus is on the 2007 – 2009 “recession” that has laid the groundwork for hyper-inflation in the near future.

The Audit legislation will direct the Government Accountability Office (GAO), which is an independent congressional agency, to oversee a full review of the Fed’s monetary policy while conducting an audit of them and their decisions will be turned over to the Federal Open Market Committee.

Senate Majority Leader Harry Reid, co-author of the NDAA, is now decrying that his tried to bring a similar legislation to the House back in 1995. Reid asserts: “I have sponsored legislation that would call for an audit of the Federal Reserve System. I offer that amendment every year. Every year the legislation gets nowhere. I think it would be interesting to know about the Federal Reserve. I think we should audit the Federal Reserve.”

Reid went on to say: “It’s taxpayer’s money that’s being used there but we don’t do that. Senator Dorgan has spoke out on the secrecy of the Federal Reserve System. He’s spoken out on the Federal Reserve more than anyone that I know in either body. But even though there is no entity in the world that controls our lives more than the Federal Reserve System, his speeches go unnoticed I’m sorry to say.”

It is Reid’s contention (and quite rightly) that the Fed “effect government, because of the money that government’s borrow.” Since the US government allows this privately-owned bank to sell them their currency instead of printing it themselves as is allowed by the US Constitution, give the Fed and central banking cartels rule over the American public through the ruse of taxation and the bull-dog collection agency known as the Internal Revenue Service (IRS). It appears that although Reid was once in support of this type of legislation, he is clearly not today as he has stated emphatically that the bill will be killed in the Senate.

Because of the central banking cartel’s takeover of the American people in 1913 with the signing of the Federal Reserve Act; which led to the monetary enslavement we are witnessing today as well as the transformation of America from a Constitutional Republic into a nation of serfs who are tied to the conspiratorial endeavors of the global Elite.
Obama has made it clear that he believes the legislation is a “really, really bad idea.”

In the words of Timothy Geithner, former US Treasury Secretary, asserted that an audit of the Fed is a “line that we don’t want to cross” and that if the American people successfully audit the Fed it would be “problematic for the country.”

As former head of the New York Federal Reserve, Geithner is doing a good job supporting the supposition Bernanke would like us all to believe – that somehow the central bank that caused this economic mess will be the only force to get us out. However, liberating the American public from debt slavery is not in the best interest of the privately owned bank. It is doubtful that the saving grace will befall from Bernanke or his laky, Geithner.

None of this true.

It is the opposite – that the central banker need the American public to survive and without us, they will perish.

A revolutionary thought is that we could just create an alternative monetary system, stop using the Fed’s fiat currency and liberate ourselves from feudal slavery.
That reality could happen tomorrow, if only with the accord of the American public that we are truly tired of being debt slaves to a system that is no more based in fact than the paper the US dollar is printed on.

http://www.infowars.com/audit-the-fed-threatens-the-secrecy-of-the-federal-reserve-bank/

TODAY ON THE GUARDIAN FRONT PAGE,ITS ABOUT SC IRAN THINGY,SAID 6-8 BILLION WAS WIPED OFF THEIR SHARE VALUES.

Standard Chartered CEO Says ‘No Grounds’ to Revoke License


By Gavin Finch and Howard Mustoe - Aug 9, 2012 2:51 AM GMT+0100



Standard Chartered Plc (STAN) Chief Executive Officer Peter Sands hit back at a New York regulator’s claims the bank broke U.S. sanctions, and said he saw “no grounds” for revoking the lender’s license.

Standard Chartered has tumbled about 16 percent in Londontrading this week after New York regulator Benjamin Lawskythreatened to strip the London-based bank of its license to operate in the state, alleging it processed $250 billion of deals with Iranian banks subject to sanctions.

“We reject the position and portrayal of facts by theDepartment of Financial Services,” Sands said on a conference call with reporters yesterday, his first public comments since the regulator’s report on Aug. 6. “It would be disproportionate and wholly inconsistent with the actions of other U.S. authorities in other sanctions matters” to revoke the bank’s New York license, he said.

The dispute is becoming increasingly political. Mayor of London Boris Johnson yesterday accused New York of seeking to damage its biggest competitor as a financial center, while Bank of England Governor Mervyn King criticized the regulator for failing to co-ordinate with its counterparts.

The stock rallied 7.1 percent to 1,315.5 pence in London trading yesterday from 1,228.5 pence the day before. It had started trading without the right to the latest dividend. Excluding the effect of the dividend, the shares would have climbed 8.6 percent. In Hong Kong, the bank rallied 3 percent to HK$164.1 as of 9:49 a.m. after losing 15 percent over two days.

‘Very Damaging’


Sands, 50, said the probe has been “very damaging” to the British lender’s brand, and denied that there was anything wrong with the bank’s culture. He added that none of the transactions reviewed by the bank were linked to terrorist organizations.

“There are lots of matters in that order that frankly either we don’t recognize or we don’t understand or are factually inaccurate,” Sands said, referring to the report.

The lender has consulted lawyers and been advised that it may have a case for claiming reputational damage, the Financial Times reported today, citing two people it didn’t identify.Standard Chartered is aware of the sensitivity involved in taking a militant stance toward its regulator, the paper said.

The bank might be asked to pay as much as $700 million to resolve money-laundering allegations filed by Lawsky, New York’s banking superintendent, after the Department of Financial Services grew impatient with inaction by federal regulators, a person familiar with the case said.

‘Complete Surprise’


Lawsky tried unsuccessfully a few months ago to get U.S. regulators to punish the bank for conduct involving disguised Iranian money transfers, said the person, who asked not to be identified because the matter is confidential. The transfers have been under investigation by federal agencies for more than two years, according to Lawsky’s statement.

“The order we received from the DFS came as a complete surprise,” Sands said on the call. “The surprise was in the manner of the announcement and that the DFS made an announcement on its own and without giving us prior notice. The resolution of such matters normally proceeds through a coordinated approach by the different agencies.”

King yesterday criticized Lawsky’s order, saying at a press conference that U.K. authorities would “ask that various regulatory bodies that are investigating a particular case try to work together.” Johnson used a column for the London-based Spectator magazine to attack the regulator.

Motivated by Jealousy


“You can’t help wondering whether all this beating up of British banks and bankers is starting to shade into protectionism,” he wrote. “And you can’t help thinking it might actually be at least partly motivated by jealousy of London’s financial sector -- a simple desire to knock a rival center.”

There was also friction with the Federal Reserve and U.S. Treasury Department, the Financial Times reported, citing another person it didn’t identify. The two, and the Justice Department and Manhattan district attorney’s office, are probing the bank’s links to Iran, it said.

“The federal authorities have been quieter because they understand they have to work this out at international level, where Lawsky has gone ahead,” Syed Kamall, a U.K. Conservative member of the European Parliament and member of its Economic and Finance Committee, said. “And it’s a nice story, Iran-bashing, at the moment, given the current concerns internationally.”

U-Turn


The investigation is focusing on so-called U-turn transactions, which could allow an Iranian bank to access the U.S. banking system indirectly through a third-party bank.

Standard Chartered hired an external consultant to probe about 150 million payment transactions conducted between 2001 and 2007, Sands said.

Transactions had to be initiated offshore by banks that were neither U.S. nor Iranian and only passed through the U.S. financial system on the way to other non-Iranian, non U.S. banks. Standard Chartered broke the rules by stripping wire transfer orders involving its New York branch of any reference to the involvement of Iranian banks, the regulator said.

Fewer than 300 of the transactions, amounting to about $14 million, weren’t valid U-turns, Sands said yesterday.

‘Clearly Wrong’


“That is clearly wrong and we’re sorry that those mistakes occurred,” Sands said. “There was no systematic attempt to circumvent sanctions.”

The regulator in its report quoted Standard Chartered’s then executive director of risk as asking “who are you to tell us, the rest of the world, that we’re not going to deal with Iranians?”

Sands said the quote was based on an individual’s recollection of a meeting rather than an e-mail or document. Finance Director Richard Meddings was executive director of risk at the time, he said.

“No-one at that meeting claims to have made that statement, so we don’t believe the quote is accurate,” he said.

A settlement of $700 million would match the amount thatHSBC Holdings Plc (HSBA) set aside last month after a Senate committee found the bank gave terrorists, drug cartels and criminals access to the U.S. financial system.

“Despite widespread distaste for the New York State Department’s conduct, a settlement may yet be seen as expedient,” said Ian Gordon, an analyst at Investec Plc (INVP) in London with a buy rating on the stock. “Any settlement on broadly the above terms would, relative to alternatives, be taken with considerable relief by the markets.”

10 August 2012 Last updated at 08:40

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Libor scandal: Wheatley Review to publish proposals


Barclays was fined last month for trying to manipulate the Libor rates
Continue reading the main story

Libor scandal

• Explaining the Libor scandal
  
• Barclays scandal: Key players
  
• Timeline: Libor-fixing scandal
  
• BBA 'warned weekly' about Libor
  

The inquiry into how the Libor rate-setting system works is due to publish its first set of proposals.

The review, headed by Martin Wheatley, will publish an initial discussion paper, upon which so-called stakeholders will be asked to comment.

Banks and other parties will have four weeks to submit written responses.

The review will examine how the Libor rate, the benchmark interest rate for trillions of financial transactions, is calculated and regulated.

The system is currently overseen by the British Bankers' Association, but is not formally regulated by the Financial Services Authority or Bank of England.
'Challenging timetable'
The Wheatley Review will come up with proposals in a number of areas including:

• whether actual trade data should be used to set Libor, rather than banks' own estimates
  
• regulation of Libor
  
• sanctions to tackle Libor abuse.
  

"In recognition of the challenging timetable, Martin Wheatley and the review team will be seeking to engage actively with stakeholders during the consultation period," the Treasury said when announcing the review.

Continue reading the main story
“Start Quote

This has been going on for decades. It's been blatant”

End Quote Douglas Keenan Former Morgan Stanley trader
Mr Wheatley, the managing director of the Financial Services Authority, will aim to finalise his conclusions by the end of September.

The Treasury has said that the quick timetable will allow the government to add legislation through the Financial Services Bill, which is currently being discussed in the House of Lords.

The review comes after Barclays was found to have tried to manipulate Libor rates, by putting in inaccurate submissions, resulting in a record fine from both US and UK regulators.

On Thursday, Barclays appointed Sir David Walker, who led an inquiry into how banks are run, as its new chairman following the resignation of the previous chair and the chief executive.

The regulators' investigations into Barclays revealed that its traders had worked with staff at other banks.

It is therefore widely expected that other banks will face fines for manipulating Libor.
Libor abuse 'for decades'
Douglas Keenan, a former trader at Morgan Stanley, said that Libor abuse went back decades, and called for an overhaul of how the rate is set.

"I believe it should be fixed on actual market prices. That has to be factored in there somewhere," he told the Today programme, adding that he witnessed discrepancies between what the market and the banks quoted when he began trading in 1991.

"There was clearly sometimes some difference, but it was not huge."

Regulators "had to know," he said. "This has been going on for decades. It's been blatant, it's been clear and if by some miracle they did not know, they should be fired for gross incompetence."

Standard Chartered CEO in New York, May Attend Hearing


By Dakin Campbell - Aug 14, 2012 8:48 AM GMT+0100

• Standard Chartered Plc Chief Executive Officer Peter Sands is in New York and prepared to attend a hearing this week as the London-based bank faces money laundering allegations from state regulators.
  

Sands traveled to the city to work with the company’s lawyers, Julie Gibson, a spokeswoman for Standard Chartered (2888), said in a phone interview today. Sands has been there for “a couple days,” she said.





Enlarge image

Standard Chartered CEO Peter Sands




Andrew Harrer/Bloomberg

Peter Sands, chief executive officer of Standard Chartered Plc.

Peter Sands, chief executive officer of Standard Chartered Plc. Photographer: Andrew Harrer/

==========




It is thought that SCB will pay $700 million fine and admit some irregularities , but more importantly, if it's U.S. Licence
is revoked, it's income falls by 40%.

Standard Chartered Bank Chief has agreed to pay $340 million to the U.S. Treasury and will retain it's Licence to operate in the U.S.. However, there are other Countries with SC Banks which may turn up more dodgy deals. The U.K.Financial Services, once regarded as honest has lost it's reputation and possibly with it, a migration of U.K Bank Customers.

The U.S. Attorney General has issued subpoenas for the following Banks:- UBS, Citigroup, Deutchebank, Barclays, HSBC JP Morgan and RBS.

It is estimated that 900 thousand US Mortgages could by affected and expect the Lawyers to make a fortune from handling clients claims .

RBS is already in financial difficulty and would be better off going into liquidation than facing massive fines and Legal fees and possible claims...well done Gordon Brown for buying 82% of RBS.!!!!!

Of course all American banks and other money laundering US Government sponsered institutions are completely inocent of any wrong doing I suppose.
It does however make an inquisitive minder wonder how many Government representatives from both sides of the Atlantic are major speculators and investors in these cess pool banks.

malena stool wrote:Of course all American banks and other money laundering US Government sponsered institutions are completely inocent of any wrong doing I suppose.
It does however make an inquisitive minder wonder how many Government representatives from both sides of the Atlantic are major speculators and investors in these cess pool banks.

Morning malena, it is rumoured that the US is trying to undermine Britains' reputation as reputable in the Financial Industry, it has succeeded but note there is a Swiss Bank and U.S. Bank included in the list.

I will give credit to the U.S. for actually DOING something about this scandal which even Japan has been party to. I think

King should have the grace to resign now, he knew in 2005 when he received a cable from the States but at the recent

hearing said "it was not my Department"....he couldn't warn the FSA?????