The State of New York accepted a $340 million payment from Standard Chartered bank to settle charges it laundered money for Iran.
This surprisingly big news has already been moved to “old news” in the financial press.
Here is why this is a big deal: first, the state of New York has almost a $1 billion budget shortfall this year. A big payment of $340 million will definitely help fill part of that gap.
Second, it goes to show how impossible it is to monitor every single transaction and track every last cent even from countries under economic sanctions from the United States.
Third, is shows that — at least for now — leadership at this bank can do something incredibly wrong and pay a fee, only to live another day. (I say at least for now because only the state of New York has settled. The FBI, SEC, Federal Reserve, and many other government agencies have not, so they aren’t out of the clear yet.)
I never thought a state could solve part of its budget problem by settling charges from people who have done something wrong. It’s brilliant (and also ticked off the other agencies that were likely still negotiating settlements of their own).
Unfortunately you and I probably can’t settle our budget problems this way, so here are some articles to help you do it the old fashioned way:
Financial Highway | Most Important Credit Score Factors: Payment History and Credit Utilization
NPR’s Planet Money | What a Very Old Menu Tells Us About the Price of Steak
Wise Bread | Financial Math Basics You Need to Know
Moolanomy | Summer Laptop Giveway @moolanomy!
Boomer and Echo | The Art Of Tipping
Get Rich Slowly | The Politeness Tax
Krant Cents | Start a Business at 59 Years Old?
The Simple Dollar | Pride
Cash Money Life | 4 Steps to Take If You Are Underpaid – Tips for Getting a Raise
Bloomberg | The Real Cost of Setting Up a Dorm Room
Consumerism Commentary | Should Congress Eliminate the Capital Gains Income Tax?
Budgets Are Sexy | Our New Money Management System
Free From Broke was featured in the following carnivals:
Carnival of Moneypros
Carnival Of Personal Finance: Financial Horror Story Edition | InvestingAnswers
Festival of Frugality #349 – Credit Resource Center
Yakezie Carnival – Olympics Closing Ceremony Edition