Banking

2:45am

Fri August 10, 2012
Business

Goldman Sachs Won't Be Prosecuted In Fraud Probe

Originally published on Fri August 10, 2012 4:28 am

Transcript

RENEE MONTAGNE, HOST:

NPR's business news starts with a Justice decision.

(SOUNDBITE OF MUSIC)

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1:23am

Fri August 10, 2012
Business

Why Evading U.S. Rules May 'Tempt' Foreign Banks

Originally published on Fri August 10, 2012 12:42 pm

Police leave the Standard Chartered Bank's offices Tuesday in London. The bank has been accused of making billions of dollars' worth of transactions with the Iranian regime.
Matthew Lloyd Getty Images

The allegations this week against London-based Standard Chartered Bank raise questions, not just about the bank's viability but also about the efficacy of U.S. laws when it comes to foreign banks. Standard Chartered allegedly violated U.S. sanctions against Iran, and regulators said the bank's executives lied to investigators as part of a cover-up.

The case serves as yet another reminder that U.S. regulations, which have strengthened since the Sept. 11, 2001, terrorist attacks, apparently did not deter foreign banks from laundering money through their U.S. operations.

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4:15pm

Wed August 8, 2012
Business

Tax Evaders Beware! Money's Getting Harder To Hide

Originally published on Thu August 9, 2012 1:51 pm

The U.S. government has been working for years to crack down on Americans dodging taxes overseas. In 2009, under intense pressure, the Swiss bank UBS released the names of its American customers.
Fabrice Coffrini AFP/Getty Images

Republican presidential candidate Mitt Romney has acknowledged that he had money in a Swiss bank account until 2010. Romney says he wasn't trying to hide the money, since he reported the account to the government.

Even so, he closed the account at a time when the federal government was in the middle of a major crackdown on offshore tax havens — a crackdown that has made it harder for Americans to hide their money overseas.

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11:28am

Tue August 7, 2012
Planet Money

How America's Biggest Bank Makes Money

Originally published on Tue August 7, 2012 3:43 pm

The entrance to the JP Morgan Chase World Headquarters on Park Avenue.
Timothy A. Clary AFP/Getty Images

Most people know the traditional banking model, if only from George Bailey in It's A Wonderful Life.

In simplified form: A bank takes deposits from savers, and pays them a low interest rate. Then it lends that money out to borrowers at a higher interest rate. The bank's profits come from the difference between the rates.

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9:39am

Tue August 7, 2012
The Two-Way

British Bank Denies Laundering Iranian Money; Say It's Not A 'Rogue Institution'

  • Steve Inskeep speaks with Jim Zarroli on 'Morning Edition'

As its stock tumbled today following word that New York State regulators have labeled it a "rogue institution" that allegedly hid about 60,000 secret transactions involving $250 billion in Iranian funds, Britain's Standard Chartered Bank strongly denied the accusations.

It "rejects the position or portrayal of facts as set out in the order," the bank said.

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