Geithner Irate at NY Action Against Standard Chartered

August 8, 2012 By 7 Comments

Reuters reports that Geithner and other top Treasury and Fed officials are ‘irate’ over Benjamin Lawsky’s (the new head of the NY State Dept of Financial Services) single-handedly pursuing charges against Standard Chartered over $250 billion in alleged money laundering.
Treasury and Fed officials were planning a quiet wrist-slap settlement behind closed doors for their bankster friends.
Clearly we can’t have any prosecution of real bankster crime, now can we?

NEW YORK/LONDON (Reuters) – The Treasury Department and Federal Reserve were blindsided and angered by New York’s banking regulator’s decision to launch an explosive attack on Standard Chartered Plc over $250 billion in alleged money laundering transactions tied to Iran, sources familiar with the situation said.

By going it alone through the order he issued on Monday, Benjamin Lawsky, head of the recently created New York State Department of Financial Services, also complicates talks between the Treasury and London-based Standard Chartered to settle claims over the transactions, several of the sources said.

Lawsky’s stunning move, which included releasing embarrassing communications and details of the bank’s alleged defiance of U.S. sanctions against Iran, is rewriting the playbook on how foreign banks settle cases involving the processing of shadowy funds tied to sanctioned countries.

In the past, such cases have usually been settled through negotiation – with public shaming kept to a minimum.

In his order, Lawsky said Standard Chartered’s dealings exposed the U.S. banking system to terrorists, drug traffickers and corrupt states.

But the upset expressed by some federal officials, who were given virtually no notice of the New York move, may provide ammunition for Standard Chartered to portray the allegations as coming from a relatively new and over-zealous regulator…

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Comments

  1. Avatar of 59LesPaul 59LesPaul says:
    August 8, 2012 at 11:30 AM

    That’s right go for the molehill and ignore the mountain (ie the US banking cesspool).

  2. Avatar of RocketsRedGlare RocketsRedGlare says:
    August 8, 2012 at 12:18 PM

    Lets get this strait. Banksters are livid that other banksters may be prosecuted? Or are former banksters, now beurocrats at the federal level livid at beurocrats at the state level for going after their partners in crime. Or are banksters livid at prosecuters they thought they had bought and payed for, going off the Res. for more campaign  cash. 

  3. Avatar of NetRanger808 NetRanger808 says:
    August 8, 2012 at 1:47 PM


    Better look to the spirit world Banksters!! 
  4. Avatar of Conax Conax says:
    August 8, 2012 at 2:44 PM

    Turbo tax Timmy is all butthurt. 
    Put some ice on that.

  5. Avatar of NetRanger808 NetRanger808 says:
    August 8, 2012 at 3:39 PM

    Yes, this is Geithner and he is closing in on those who are willing to be prayed upon. However, they are millions who are stacking and telling people out there whether they are willing to listen or not. This game is rigged and soon to be over!
  6. Avatar of 4 oz 4 oz says:
    August 8, 2012 at 5:11 PM
    Has Geithner always had anger
    management issues or is this something he has developed since being laughed off
    that stage in China a couple years ago??
  7. Avatar of Ed_B Ed_B says:
    August 8, 2012 at 10:10 PM

    Geithner is just another typical bankster member of the current thugocracy that has installed itself in DC and NY.  He is angry with the NY state banking regulators because they are tugging on threads that could cause the whole sweater that he has spent to much time knitting to come unraveled.  If it ever does come unraveled, criminals like Geithner et al will surely be looking at hard time… assuming that they do not skip the country first, of course.

     

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