Lloyds Of London Head officeFrom The Wall Street Journal:
The announcement late Friday that Lloyds bank has admitted to illegally transferring Iranian money into the U.S. deserves more public attention. The deferred prosecution agreement is a victory for the Manhattan District Attorney's office despite backroom foot-dragging from the U.S. Treasury. And it's further evidence of how deadly serious Iran is in seeking to buy parts for its missile and nuclear programs.
Under Lloyds TSB Group's deferred prosecution agreement with District Attorney Robert Morgenthau and the Justice Department, the British bank will pay a $350 million fine and, most important, share all its records on the Iranian transfers. If Lloyds continues to cooperate, neither the bank nor its executives will be criminally prosecuted for violating the 1977 International Emergency Economic Powers Act, under which the U.S. has imposed sanctions on Iran.
Read more ....
More News On European Banks And Iran
U.S. probes European banks over Iran violations-FT -- Reuters
Iran moved billions of dollars through U.S. banks -- International Herald Tribune
Credit Suisse:Still Cooperating With US Amid Lloyds Settlement -- CNN Money
My Comment: We have found the enemy .... and it is us.
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