Your email is not valid
Recipient's email is not valid
Submit Close

Your email has been sent.

Click here to send another

thescroll_header

Standard Chartered Bank Gets Fined

But does the punishment fit the crime?

Print Email
(Fundwiser)

Standard Chartered Bank, which was called out last week for allegedly helping Iran launder nearly $250 BILLION worth of illegal transactions, has reached a settlement with New York State to the tune of a $340 MILLION fine.

The sheer enormity of these numbers can’t help but baffle a lowly blogger like myself and so I decided to wonder aloud about what might be a more appropriate punishment for Standard Chartered Bank than the fine and the new protocols the bank will have to follow. It’s like this:

Say you helped a rogue co-worker steal $25,000 over an extended period of time. As a result of your abetting ways, you made a small profit off of it–maybe five hundred dollars max. Then you get caught (or detained on suspicion of theft), but rather than sort through the legal process, you decide to pay $34 to avoid judgment and promise that you’ll let someone monitor your work habits for two years.

This seems to be what Standard Chartered Bank has gotten to do despite a litany of allegations from the Department of Financial Services that reads something like this:

The DFS surprised Standard Chartered last week when it accused the bank of being a “rogue institution” that “schemed” with the Iranian government and “left the US financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes”.

The question now is, couldn’t Benjamin Lawsky, the New York Superintendent of Financial Services, come up with something better than a $34 fine? Or at least something more creative?

Give every American a dollar?
Send Israel 250,000,000,000 pieces of apology chocolate?
Force the British bank to listen to a Jessie J song 340 million times?

If you’ve got a suggestion, I’d love to hear it. Best answer gets a free book…to be purloined from the Tablet office.

Standard Chartered Reaches Settlement [Sky]

Print Email

COMMENTING CHARGES
Daily rate: $2
Monthly rate: $18
Yearly rate: $180

WAIT, WHY DO I HAVE TO PAY TO COMMENT?
Tablet is committed to bringing you the best, smartest, most enlightening and entertaining reporting and writing on Jewish life, all free of charge. We take pride in our community of readers, and are thrilled that you choose to engage with us in a way that is both thoughtful and thought-provoking. But the Internet, for all of its wonders, poses challenges to civilized and constructive discussion, allowing vocal—and, often, anonymous—minorities to drag it down with invective (and worse). Starting today, then, we are asking people who'd like to post comments on the site to pay a nominal fee—less a paywall than a gesture of your own commitment to the cause of great conversation. All proceeds go to helping us bring you the ambitious journalism that brought you here in the first place.

I NEED TO BE HEARD! BUT I DONT WANT TO PAY.
Readers can still interact with us free of charge via Facebook, Twitter, and our other social media channels, or write to us at letters@tabletmag.com. Each week, we’ll select the best letters and publish them in a new letters to the editor feature on the Scroll.

We hope this new largely symbolic measure will help us create a more pleasant and cultivated environment for all of our readers, and, as always, we thank you deeply for your support.

2000

Your comment may be no longer than 2,000 characters, approximately 400 words. HTML tags are not permitted, nor are more than two URLs per comment. We reserve the right to delete inappropriate comments.

Thank You!

Thank you for subscribing to the Tablet Magazine Daily Digest.
Please tell us about you.

Standard Chartered Bank Gets Fined

But does the punishment fit the crime?

More on Tablet:

11 Non-Jewish Celebrities—and 2 Jewish Ones—Show Off Their Hebrew Tattoos

By Marjorie Ingall — You don’t have to be Jewish to sport Hebrew ink. But some of these stars should have thought twice before going under the needle.