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.

Standard Chartered denies passing Iranian funds through the U.S. But after other laundering cases, why is the U.S. popular for cleansing money?

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.

The LIBOR rigging scandal extends beyond Wall Street. Local governments allege fake rates made budget shortfalls worse and hit public services.

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."

A law restricting credit card acess for poor credit risks has resulted in fewer defaults.

Sandy Weill, who engineered Citigroup and the creation of megabanks, says big banks should be split up. Will the debate now gain traction?

In the ongoing LIBOR interest rate rigging scandal, European lawmakers have proposed making interest rate rigging a crime.

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.