UK based Standard Chartered Bank apparently ran a “rogue unit” that ” . . . schemed with Iran’s government to hide more than $250bn (£160bn) in illegal transactions for nearly a decade, according to a scathing report by New York regulators,” according to reports. Gee, I wouldn’t call that a rogue unit, I would call that a business department of the bank if it’s been doing something for 10 years at that volume, but hey, I don’t own media conglomerates, so whatevs!

Here’s “rogue unit” for you – Apparently the New York State Department of Financial Services (“NYSDFS”) was snooping around and caught wind of Standard Chartered Bank’s shady practices and when a US colleague got wind and told a Standard Chartered executive, the reply was: “You fucking Americans. Who are you to tell us, the rest of the world, that we’re not going to deal with Iranians.”

Approximately 60,000 transactions were involved during this time period and was “apparently aided” by consultants Deloitte and Touche in hiding details from regulators.

This comes as a bit of a surprise because Standard Chartered was seen as a model bank throughout the 2008 crisis and its management is held in high regard among mainstream circles, but now you have “you fucking Americans”. Such is life.

The bank could lose its license to trade in New York and is summoned to meet with the NYSDFS on August 15. Shares of the stock fell sharply in London, slumping 6%.

Story is HERE.

Someone has to go to jail. You know it, I know it, the whole world knows it. Do we think it’s going to happen? Conventional wisdom says no. But you know what? We’re getting into bizarro realms now, you know, when tinfoil hat is right and conspiracy theory actually means truth. Conventional wisdom can go out the window.

Keep calling for real news and for real penalties for these criminals. The cries have to get louder. If they get louder, these crooks in government can’t ignore us, and the whistleblowers and good guys in our government can do something. We have to stand up, and we have to do it anyway we can.