Consider our minds blown, via Bloomberg:
- NEW YORK SETTLES PROBE OF STANDARD CHARTERED FOR $340 MLN
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.
But it is delighted at generating aa 714% IRR for year of what it neither admits nor denies may have been egregious criminal activity.
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.
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.