When the European Central Bank holds its monthly meeting today, investors around the world will be watching nervously to see what the bank's head, Mario Draghi, says about interest rates. Draghi was recently quoted as saying he would do whatever it takes to keep Europe's debt crisis from growing out of control, and that could go beyond just cutting borrowing rates.
As NPR's Jim Zarroli reports, any European Central Bank plan to use its resources to prop up Europe's weaker economies will face strong opposition from the Germans.
Let's follow up on another story. Earlier this year, five big banks settled the so-called robo-signing case, admitting they rushed the foreclosure processes for thousands of homeowners. Now, those banks are working to forgive and modify $20 billion worth of home loans.
As NPR's Yuki Noguchi reports, yesterday was the first chance to look at how banks are handling this part of the settlement.
YUKI NOGUCHI, BYLINE: Joseph Smith's first full report wasn't due until November, but he was eager to keep the issue top of mind.
A British bank has agreed to settle charges that it illegally laundered Iranian money. The settlement with Standard Chartered was announced by New York banking regulators, who'd brought the charges just a week ago. The bank still is under investigation by the federal government. NPR's Jim Zarroli has more.
Originally published on Tue August 14, 2012 3:27 pm
Britain's fifth-largest bank has agreed to pay $340 million to settle charges by New York regulators that it laundered money for Iranian clients.
NPR's Chris Arnold filed this report for our Newscast unit:
"In court documents, the regulator alleged that for 10 years Standard Chartered Bank quote 'schemed with the Government of Iran and hid from regulators roughly 60,000 secret transactions... involving $250 billion dollars and reaping hundreds of millions of dollars in fees for the bank.'