Whilst Standard Chartered have denied the accusations, the New York State Department of Financial Services described Standard Chartered as a "rogue institution".
Another one eh?
Whatever the truth, my mind has been boggling ever since I heard about the story. £162 Billion!!! Do any of us have any idea at all how much money that is?
It is the same as the entire GDP of New Zealand or Qatar
It would buy 995,000 averagely priced homes in the UK - Very roughly, that is the number of homes in LA!
It's like winning the UK lottery 32,400 times over!
It is £16.2 Billion a year!
It is £1.35 Billion a month!!
It is £318 Million a week!!!
It is £45 million pounds a DAY!!!!
It is £1.89 Million pounds an HOUR!!!!!
And finally, it is £31,500 a MINUTE!!!!!!
£162 Billion is £162,000,000,000!!!!! That's a LOT of noughts.
Whatever the truth in the allegations, this is a lot of money. It is so much money, most of us can't even begin to imagine it. And that's what politicians rely on. Quietly, while the Olympics were in full flow, while Team GB filled us with national pride and joy, yet another bank mumbled about cheating and billions and we all thought "Oh, that's a lot of money" then went back to cheering and flag waving.
Well it's a LOT of money, it's an eye-wateringly inconceivable amount of money. If you counted to just 1 billion now, counting non-stop, at one number a second, it would take you 31 years, 251 days, 7 hours, 46 minutes, and 39 seconds. Counting to 162 Billion would take around 5145 years.
These banks were just one big casino, and they weren't very good gamblers. Next time a statement tells you a bank lost some billions, please think about how much money it is. About how it was YOUR money, about the cut in your child benefit or tax credits, the school or hospital that just closed down or how much petrol prices or utility bills have gone up.
Banks have no money at all without people like you and me. Whether it is the £10 a month you save for your daughter's wedding, or the profit from companies relying on ordinary shoppers like you - it is YOUR money.
They took it and they borrowed against it and they hid it and they multiplied it and they laundered it and they gambled it and in the end, they lost it.
Please, please, please, be a bit more shocked.