Standard Chartered Fought the Lawsky and the Lawsky Won

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Standard Chartered Fought the Lawsky and the Lawsky Won

Standard Chartered Fought the Lawsky and the Lawsky Won

Bloomberg-

Benjamin Lawsky, New York’s top state banking regulator, shook up the financial world by squeezing a record settlement out of Standard Chartered Plc (STAN) over allegations that it laundered money for Iran. Let’s get this much straight about him, too: He’s no rogue cop. He’s a loyal soldier.

Look at the section on the New York State Department of Financial Services website that lists the agency’s press releases this year, and you will see a pattern. Most of the headlines start with the name of New York Governor Andrew Cuomo, not Lawsky, the department superintendent who serves at the governor’s pleasure. Within minutes of Lawsky’s disclosure this week that Standard Chartered had agreed to pay a $340 million penalty, Cuomo released his own statement taking much of the credit for the 10-month-old department’s creation last year.

[BLOOMBERG]

An interview from 2011

by

The head of the newly formed Dept. of Financial Services in NYS talks to NEW YORK NOW about the balancing of being a regulator and watchdog.

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