- 21 Mar 2013 at 3:34 PM
Standard Chartered Chairman Misspoke When He Called Iranian Money-Laundering Business A ‘Clerical Error’By Jon Shazar
Apparently, when you’ve accepted responsibility for laundering money for rogue states—and entered into a deferred-prosecution agreement—you can’t turn around and refer to said money-laundering as NBD. Duly noted.
Authorities claimed that Standard Chartered had illegally processed millions of dollars’ worth of transactions for Iranian and Sudanese clients, and the bank admitted to “falsifying records” and “making false statements.”
But in a conference call about the bank’s annual earnings report on March 5, Mr. Peace referred to the transactions as “clerical errors,” adding that “we had no willful act to avoid sanctions.”
In a brief statement on Thursday, he retracted his comments, and reiterated the bank’s responsibility for the criminal activity related to the illegal money transactions.
“My statement that Standard Chartered had no willful act to avoid sanctions was wrong,” Mr. Peace said. The comment “directly contradicts Standard Chartered’s acceptance of responsibility.”
- Hedge Fund Manager Keeps A Detailed Record Of All The Asses He's Grabbed
- Christmas Come Early At Casa De Falcone
- Area Man Underestimates Just How Much Steve Cohen Hates His Ex-Wife
- Opening Bell: 11.25.14
- Former JP Morgan Employee Trades "Root Of All Evil" Gig For Extreme Water Sports
- Bonus Watch '14: Congrats On Being An Investment Banker
- Hedge Funds Great At Picking Absolutely The Worst Stocks This Year
- How Much Did Goldman Sachs Make For Losing Muammar Gaddafi $1.2 Billion?
- Restaurant Offering 35k Thanksgiving Dinner Just Saying Think About It
- Federal Prosecutors Don't Appreciate Former Jefferies Trader's Vivid Imagination
- Executive Editor
- Bess Levin
How Can We Help You?
- Send tips to:
- For tech issues email:
- For advertising or events email:
- For research or custom solutions email:
- Dealbreaker is published by Breaking Media.
For a full list of our sites, services and staff visit breakingmedia.com