Summer in the City

(2 PM – promoted by TheMomCat)

Here’s a pretty good summary of Bankster crime.

This summer.

In London.

String of summer scandals tarnishes reputation of London’s financial industry

By Associated Press

Published: August 7

First came U.K. bank Barclays. Its chief executive, Bob Diamond, was forced to step down last month after U.S. and British authorities fined the bank $453 million for manipulating a key market interest rate. Other banks are being investigated for their part in the scandal.

Then there was HSBC, another big London-based bank. It faces fines of up to $1 billion after the U.S. Senate issued a damming report last month alleging it had failed to stop the laundering of Mexican drug money.

Back in May, JPMorgan Chase & Co. disclosed a surprise $2 billion trading loss – later upgraded to $5.8 billion – racked up by its London office in a portfolio designed to hedge against risks the company takes with its own money.

…

And now Standard Chartered, that most predictably profitable of British banks, has been accused by a regulator in New York of laundering Iranian oil money for years.

And what is the problem with this?

“We will get out of it, but it is a blow that means regulators will have a greater say in life, which means that economic growth will be slower.”