NY State Regulators Settle With Standard Chartered At 0.14% Transaction Fee

ZeroHedge ^ | 8/14/12 | Tyler Durden

[Kartographer]

The life or death of STANCHART is settled - they live; and the $250 billion of 'laundering' transactions - sanctions/terrorism/drugs-related or not - are settled for a 0.14% transaction fee (that'll teach 'em!). In other words, Std Chartered's IRR for committing years of crime is 714%. Finally this is a whopping 1.9% of the bank's entire 2011 revenues, or in other words they had to hand over 7 days of revenue (assuming a 365 day work week).

[Kartographer]

This is exactly what many of us here on FR have bee pointing out the law is only for you and me not for 'To Big To Fail'. Let's say I had a high cash business and I'm not doing all that well (In to day's economy that's no stretch) and a couple of local business men let's say named White and Pinkman come to me with a proposition they will 'invest' one million dollars in my business of which I must return to them 90%. So I make $100,000.00. Now I get caught do you think the Government is going to let me go and keep everything, but $1,400.00? Or will they confiscate every thing I own, my car, my house, my business, all bank accounts, jewelry, my false teeth so on and so on?

[Kartographer]

PING!!!

[Kartographer]

Oh and I forgot I will most likely end up spending a stretch in ‘Big Boy’ prison especially if I don’t cooperate by take my life in my hands and testifying against White and Pinkman

[Eric in the Ozarks]

Standard Chartered should have been banned from doing any business in the US. Any US bank doing business with S/C should be heavily penalized.