Archive for August 11th, 2012


Banks and Politics Do Not Mix Well

Human Wrongs Watch

By Roberto Savio*

Hardly any week goes by without disclosure of some scandal related to banks. Now it comes out that the British Standard Chartered is accused by an American regulator of having schemed with the Iranian government to launder billions of dollars for the potential support of terrorist activities. What gives an added value to this allegation is that Standard Chartered was until now considered one of the cleanest banks, and was not associated with any scandal.

**Image: Standard Chartered Bank Tower in Pudong, Shanghai, China Baycrest | Wikimedia Commons.

Not long ago, the American Senate had alleged that HSBC, another British giant, was supporting activities smacking of terrorism for which HSBC has apologized. It also has put aside 700 million dollars for potential fines and sanctions.

But we are entering into a new development in this ceaseless flow of financial scandals. It is now starting to affect some of the mightiest in the world of finance, much beyond the banks themselves.

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