Great Game

I'm guessing there's a lot more going on here than mere mortals can comprehend.

As the London-based bank prepares for a hearing with New York state's department of finance services regulator, which has accused it of moving $250bn of Iranian money around the financial system, the chancellor has sought assurances that the bank will be treated fairly.

Osborne and his team spoke to Geithner and officials on Tuesday and received assurances that the US Treasury's Office of Foreign Assets Control (OFAC) would work with the myriad of other regulators looking at Standard Chartered's dealing with Iranian clients between 2001 and 2007.

...

While the bank had known since 2010 it was being investigated for breaches of sanctions – it had shared information with regulators – it had not expected the New York regulator to go it alone in making public the alleged range of the breaches of the rules.