Yes, it happened again! Amazingly so. Another big international bank, Standard Chartered out of London was accused of laundering money through their US Branch over a 10 year period , and of course "disguising the transactions " to avoid detection. Some reported accounts estimate the amount at issue to be as high as $250 BILLION. Yes, billion I SAY! Not easy to disguise that amount of volume and go undetected.
Well give NY State some credit. They didn't wait for the Feds, and aggressively pursued the "Bank". At the end of the day everyone(almost everyone) got what they wanted. The bank pays a fine , keeps it's New York branch operating and lives to see another day. The Great State of New York gets a nice "mid-summer " infusion of cash . It would be easier if the banks, traders and hedge funds just paid a couple of hundred million " up-front",good for 25 violations of the law. Would seem to be simpler!
Wall street snoop, Steve "Dirty Laundry " Goldman reporting.
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