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.
Standard Chartered could soon have its banking license revoked in the nation's financial center, because of allegations that the bank has been hiding tens of thousands of secret transactions with Iran.
Last week we spent plenty of breath on Sandy Weill, the former head of Citigroup. Back in the '90s, he fought for his and other banks to grow huge and complex. Then last week Weill goes on TV and says: "It's time to break up the big banks."
The Troubled Assets Relief Program -- TARP -- was the formal name for what we often just call "the bailout." In 2008 Congress allocated $700 billion to stabilize the U.S. financial industry. Congress and President Bush assigned one man to build a team, and police all that spending.