Posted In: Banks, Standard Chartered, London
The scandal over British bank Standard Chartered is taking some interesting turns. This week New York's financial regulator charged the bank with concealing transactions for Iranian clients -- breaking U.S. sanctions against Iran. Standard Chartered could lose its New York license, which would be devastating.
Posted In: Bank of England, France
The Bank of England forecasts this morning the U.K. economy will not grow at all in the coming quarter. Across the channel, the French central bank says the euro's second-largest economy is headed for its own recession. And Germany's being infected by all this through its exports, which fell in June.
Posted In: Banks, Standard Chartered, Iran
Shares of the British bank Standard Chartered are tanking in London this morning -- down some 25 percent. New York financial regulators say the bank concealed billions of dollars of illegal transactions for Iranian customers.
The economy is complex so we use metaphors to make it understandable. Sometimes, though, these metaphors also shape our view of the economy.