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.

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.