Two of the largest banks in the world, which reap massive explicit and implicit subsidies from the government, were criminal enterprises for at least a decade. Each engaged in violations that were vastly larger than Liberty Reserve.
The Standard Chartered agreement with the Department of Justice actually anticipates dismissals of its crime. It states that if Standard Chartered denies its crimes, it must issue a new statement within five days after the government orders it.
In plain English, what Sir John Peace 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.
I worked with a number of boards and board chairs over the summer, and here are the things on their minds and the things they'll be grappling with this autumn, above and beyond the usual business of the year.