The New York State financial services regulator says he has grounds to shut Standard Chartered Plc in the state even if he accepts the bank's argument that it illegally laundered only a fraction of the $250B he claims. Benjamin Lawsky, who heads the Department of Financial Services, has power to act in his discretion against any financial institution he deems untrustworthy, according to the charter of the year-old department.
America has no tolerance for wealthy people griping about their financial woes. But they have concerns too.