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Standard Chartered Talks Delayed, Dispute Over Fine Amount

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  • Description

    FBN's Liz MacDonald breaks down Standard Chartered settlement talks.

  • Duration 2:43
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This transcript is automatically generated

And after the fight got downright nasty between standard chartered and New York State regulators.

Now it appears they could every just supplement this week maybe of what the bank -- money illegally for Iran was that McDonald is here with the -- Bottom line.

-- guys widow working the phones and working with fast sources than it -- basically what's happening -- -- in talks right now.

To try to settle this thing.

That would basically take care of all the pros and the United States and standard chartered is out saying we haven't pushing for a settlement.

With all US regulators since the beginning of the year -- now here's the bottom line they have to basically appear either look top lawyer.

Or the lawyers to Sarah -- with the New York to that state department of finance this Wednesday to explain why the should not lose their license.

Up for basically clearing trades.

In their New York office on behalf of state owned banks and Iran include in Iraq including the on Central Bank -- the sticking points of these.

External monitor that's what -- US regulators want.

Is to make sure that they -- manage compliance a joint agreement is what they want covering everything -- -- standard -- put it behind it.

But the most important thing it's a dollar amount of the fine.

Now sitter -- say look maybe just five million bucks is what we should be -- because at issue was fourteen million dollars.

An incorrect and non compliant trades.

Where the other side of the get the I was saying wait a second it's it's billions of dollars so we're looking for 500 million.

Or 700 million dollars in fines at a at a point -- ING paid is 66 or nineteen million dollar fine.

HSBC paid out earlier 700 million dollars set aside to cover money laundering fine so you know.

Whether or not they get that five million or 700 million.

The way to look at it is this who was done to save face if it's five million and that's an -- reaction in the past on the part of New York State.

Department finance regulators Benjamin lost his crowd.

War if it's anywhere rent a 500 million -- you gotta say wait a second standard chart there was just wait too much in the Alley in the allegations that were embarrassing for the bank.

-- I'm sorry if this is dumb question -- to this party but.

Why is this a big deal for New York State regulators instead of the Fed's the Fed's ought to be outraged by anything involving dealings with the wrong and why -- State that's right Dennis what happened was when according to people close the matter telling Fox Business.

Didn't -- New York State -- said look this is been out there for two years this case is getting really old we've got powerful stuff in here.

-- -- -- -- The New York fed and the Treasury Department didn't say anything so that to them as a green light by the weight nearer to exceed -- standard chartered US operations of 26 billion dollars in cash in the balance sheet.

They can handle a half a billion dollar aren't gonna keep their New York branch opened the US French Open -- -- also kind of up near forty big name of the game is whether or not they lose their license to operate here so that's it should thank you -- thanks.

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