“On Thursday, March 21, Sir John Peace conceded that he lied to investors on March 5, 2013 when he said of Standard Chartered Bank,

“We had no willful act to avoid sanctions; you know, mistakes are made – clerical errors – and we talked about last year a number of transactions which clearly were clerical errors or mistakes that were made…”

“Specifically, he now says that these remarks were “both legally and factually incorrect” because Standard Chartered had previously conceded that it deliberately laundered money. 

“In plain English, what Sir John said is called lying.  Or, if you prefer the language of securities lawyers, he engaged in deliberate misrepresentation.  He also violated Standard Chartered’s deferred prosecution agreement with US authorities.

“Here is the full statement today.”

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Read Simon Johnson’s full Baseline Scenario post here