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Allegations of illegal Iran deals; Firm nearly felled by software havoc; Starbucks and Square team up; Banks spread the blame around; The end of stocks?

Banking: Allegations of illegal Iran deals

A major British bank was stung this week by allegations that it had laundered $250 billion for the Iranian government, said Tom Braithwaite and Sharlene Goff in the Financial Times. A New York state financial watchdog accused Standard Chartered of using its New York branch to conceal more than 60,000 transactions with Iranian banks and corporations between 2001 and 2010, reaping hundreds of millions of dollars in fees. Calling Standard Chartered a “rogue institution,” New York’s Department of Financial Services threatened to revoke the bank’s state license for leaving “the U.S. financial system vulnerable to terrorists, weapons dealers, drug kingpins, and corrupt regimes.”

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