Standard Chartered Share Discussion Threads

[hvs] 14/8/2012 19:53

Its was a clerical error was it not ?

The type that only CITY boys make.

The Board of Directors deserve a very big BONUS for "SAVING" the bank.

[yaahoon 4 insurance] 14/8/2012 19:35

£13.45

[jonno1] 14/8/2012 19:25

£15 ?

[leedskier] 14/8/2012 19:19

I wonder what price this share will open at in the morning?

[leedskier] 14/8/2012 19:17

Consider our minds blown, via Bloomberg:

NEW YORK SETTLES PROBE OF STANDARD CHARTERED FOR $340 MLN
The life or death of STANCHART is settled - they live; and the $250 billion of 'laundering' transactions - sanctions/terrorism/drugs-related or not - are settled for a 0.14% transaction fee (that'll teach 'em!). In other words, Std Chartered's IRR for committing years of crime is 714%. Finally this is a whopping 1.9% of the bank's entire 2011 revenues, or in other words they had to hand over 7 days of revenue (assuming a 365 day work week). Of course there are other fines/penalties to come but it looks like someone got a little over-excited at the regulators or as we note, STANCHART had some bottom-drawer details no one wanted outed. And now, employees of US "regulators," "enforcers" and various other "crime fighting" organizations can look forward to submitting their resumes to the British banks all over again.

From AP:

New York's financial regulator says his agency has reached a $340 million settlement with Standard Chartered Bank over allegations it schemed with the Iranian government to launder $250 billion from 2001 to 2007.

New York Superintendent of Financial Services Benjamin Lawsky says the British bank will pay the civil penalty to the state. It also will install a monitor for at least two years who will evaluate the money-laundering risk controls of its New York branch and take corrective measures. State agency's examiners will be placed at the bank.

The bank had no immediate comment Tuesday.

In a statement released Monday night, Standard Chartered Bank said it "strongly rejects" and "contests" the New York regulators' portrayal of its transactions with Iranian banks.
But it is delighted at generating aa 714% IRR for year of what it neither admits nor denies may have been egregious criminal activity.

And so all is back to normal in the world of endless financial crime, where crime pays, but only after one bribes all the regulators to play

[smurfy2001] 14/8/2012 19:06

What a rip off, for 14 million...!

[miata] 14/8/2012 18:51

USD 340 million.

[hvs] 14/8/2012 17:22

So we CITY BOYS made a few "clerical errors" and will now write a cheque for at least USD 500 million.

Nice job boys. You all deserve a BONUS.

[miata] 14/8/2012 16:03

14 Aug Standard... STAN Investec Buy 1,357.75 1,333.50 1,800.00 1,800.00

Investec analyst Ian Gordon believes the bank will end up paying a fine running into several hundred million dollars but said it could afford to do so because of its strong balance sheet. He recommends clients buy the stock.

Deloitte chief executive Joe Echevarria has fought back against allegations that his firm helped Standard Chartered hide transactions with Iran, saying charges by the top New York state banking regulator were "distortions of the facts".

Peter Sands is in New York to negotiate directly with the US regulator.

[skinny] 13/8/2012 16:29

Reiterating post 1341.

"Probably sit around these levels (general market apart) until something concrete is announced. Volume is nearing 'normal'".

[snatander] 13/8/2012 11:29

belting away now

[snatander] 13/8/2012 10:31

bouncy bouncy

[wsgrocksit] 13/8/2012 08:10

Good luck to everyone though! Still made a few k, but I'll be watching closely for any more buying ops!

[wsgrocksit] 13/8/2012 08:08

I'm out, too risky especially as I had 7,500 shares in a CFD over the weekend!!

[miata] 13/8/2012 08:05

On the LSE STAN has bounced 1.6% and is above pivot.

[wsgrocksit] 13/8/2012 07:48

165.20 now started to drop off just in time for the LSE opening it seems!!

[miata] 13/8/2012 07:45

MIATA 10 Aug'12 - 10:30 - 1344 of 1373 edit
In Hong Kong, there was a sharp sell-off of HK:2888 in the final hour from HK$165 where it had spent most of the day down to HK$163.6. As there was no such sell-off in HK:0005 one can take it this was a risk-off move to avoid any breaking weekend news (similar to that often seen with BP during BP's Macondo debacle) rather than a reaction to the publication of weaker than expected data on Chinese exports. It should be matched by a similar risk-on move on Monday.

In HK today its currently up 1.3% at HK$165.70.

[kiwi2007] 13/8/2012 03:32

...........The Department of Justice had been weighing whether to bring a case at all against the bank, a person with knowledge of the matter said, because the conduct was less egregious than what investigators found at other banks. But the DFS could intervene because it need only decide whether the bank meets safety and soundness standards to have a banking licence and does not have to prove the merits of the allegations.

The move by DFS last Monday has raised more questions about the role it will have in future sanctions investigations under way by federal authorities. DFS, headed by Benjamin Lawsky, has an economic incentive to become more involved. Several years ago when the DoJ and the Manhattan district attorney's office began investigating the cases jointly, they agreed to split the settlement monies.

[sanks] 12/8/2012 23:40

I've got some nuy orders inat £5.77
Let me know if this helps

................ ................

[jacks13] 12/8/2012 22:00

The bank is in a weak negotiating position.

Lawsky can, and probably will, continue to threaten withdrawal of their licence. In return the bank can only threaten to fight to clear its name. A costly, time consuming and potentially damaging course.

It seems New York is free to do as it likes regardless of what Federal agencies might think or say. It is free money. They won't pass up the chance.

Standard Chartered will succumb to whatever penalty is levelled by DFS regardless of the perceived injustice.

WSGROCKSIT - unless we have been totally misled and it turns out Standard Chartered are guilty as charged then I don't see that there has been or will be any reputational damage. If they retain their licence and the fine is of the order of $500m then it will blow over and be forgotten very quickly.
I still think, in the light of present knowledge, the share price will drift lower and if you believe the bank's story then another opportunity to buy cheaply will be presented. The gamble is though that Lawsky, if he is also motivated by political power as has been suggested, will go for the jugular regardless, just to make himself a reputation.

[miata] 12/8/2012 20:12

To me it is all about the Fed putting Lawsky in his place and rumours of whether this is occurring will decide what happens to the shareprice.

If I get any hint this is happening and the shareprice is low I will go long.

I hope I won't see $500m+ happening, but of course it is possible. If and when this happens the reputational damage would probably dip it below £12. If the shareprice continues to slide then it would indicate those in the know have heard that they are prepared to settle at a large number.

[wsgrocksit] 12/8/2012 19:00

Odds are though, if they want this to go away quickly it will be more like $500m than $50m!

What can you see happening to the share price tomorrow and also if the fine was more like $500m?



MIATA 12 Aug'12 - 18:52 - 1367 of 1367

My personal view is that if STAN manages to get the Fed/Treasury to exert their authority over Ben Lawsky and agree a fine less than say $50m, STAN's reputation will not really suffer and its game on for the shareprice.

[miata] 12/8/2012 18:52

My personal view is that if STAN manages to get the Fed/Treasury to exert their authority over Ben Lawsky and agree a fine less than say $50m, STAN's reputation will not really suffer and its game on for the shareprice.