Standard Chartered

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Standard Chartered PLC

Public limited company

Type

LSE: STAN
Traded as
SEHK: 2888
NSE: STAN

Industry

Banking, Financial services

Predecessor(s)

Standard Bank
Chartered Bank

Founded

1969 (London)

Headquarters

London, United Kingdom

Area served

Worldwide

Key people

John W. Peace[1]
(Chairman of the Board)

Peter A. Sands[1]
(Group CEO)

Products

Credit cards

Consumer banking

corporate banking

finance and insurance

investment banking

mortgage loans

private banking

wealth management

Revenue

US$ 16.58 billion (2011)[2]

Operating income

US$ 7.72 billion (2011)[2]

Net income

US$ 4.93 billion (2011)[2]

Total assets

US$ 599 billion (2011)[2]

Total equity

US$ 40.71 billion (2011)[2]

Employees

86,865 (2011)[2]

Website

www.standardchartered.com

Standard Chartered PLC (LSE: STAN, SEHK: 2888, NSE: STAN) is a Britishmultinational banking and financial services company
headquartered in London, United Kingdom. It operates a network of over 1,700 branches and outlets (including subsidiaries, associates
and joint ventures) across more than 70 countries and employs around 87,000 people. It is a universal bank with operations in consumer,
corporate and institutional banking, and treasury services. Despite its UK base, around 90% of its profits come from Africa, Asia and
the Middle East.

Standard Chartered has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It had a market
capitalisation of approximately £33 billion as of 23 December 2011, the 13th-largest of any company with a primary listing on the London
Stock Exchange.[3] It has secondary listings on the Hong Kong Stock Exchange and the National Stock Exchange of India. Its largest
shareholder is the Government of Singapore-owned Temasek Holdings.[4][5][6]
Contents
[hide]

1 Name
2 History
2.1 Chartered Bank
2.2 Standard Bank
2.3 1969 to 1999
2.4 2000 to present
2.4.1 Iran money laundering settlement
3 Standard Chartered Breeze
4 Senior management
5 Sponsorship
6 Charity and Welfare
7 Notable employees

8 Collaboration with Bajaj Allianz Insurance Company In India
9 See also
10 References
11 External links

[edit]Name

The name Standard Chartered comes from the names of the two banks from which it was formed by merger in 1969: The Chartered Bank
[7]

of India, Australia and China, andStandard Bank of British South Africa.
[edit]History

[edit]Chartered

Bank

Main article: Chartered Bank of India, Australia and China

The Chartered Bank began when Queen Victoria granted a Royal Charter to Scotsman James Wilson in 1853. Chartered opened its first
branches in Mumbai, Kolkata and Shanghai in 1858, followed by Hong Kong and Singapore in 1859. The Bank started issuing banknotes
of the Hong Kong dollar in 1862.[7]
[edit]Standard

Bank

Main article: Standard Bank (historic)

The Standard Bank was a British bank founded in the Cape Province of South Africa in 1862 by another Scot, John Paterson. Having
established a considerable number of branches, Standard was prominent in financing the development of the diamond fields of Kimberley
from 1867 and later extended its network further north to the new town of Johannesburg when gold was discovered there in 1885. Half the
output of the second largest gold field in the world passed through The Standard Bank on its way to London. Standard expanded widely in
Africa over the years, but from 1883 to 1962 was formally known as the Standard Bank of South Africa. In 1962 the bank changed its
name to Standard Bank Limited, and the South African operations were formed into a separate subsidiary which took the parent bank's
previous name, Standard Bank of South Africa Ltd.[7]
[edit]1969

to 1999

Standard Chartered Bank Building in Hong Kong

Both banks acquired other smaller banks along the way and spread their networks further. In 1969, the banks decided to merge, [7] and to
counterbalance their existing network by expanding in Europe and the United States, while continuing their expansion in their traditional
markets in Asia and Africa. In 1986, Lloyds made a hostile takeover bid for the Group.[8] The bid was defeated; however, it spurred
Standard Chartered into a period of change, including a series of divestments notably in the U.S.A. and South Africa.

In 1987, Standard Chartered sold its remaining interests in the South African bank, and since then the Standard Bank Group has been a
separate entity. In 1992, scandal broke when banking regulators charged several employees of Standard Chartered in Mumbai with
illegally diverting depositors' funds to speculate in the stock market. Fines by Indian regulators and provisions for losses cost the bank
almost ₤350 million, at that time fully a third of its capital. In 1994, London'sSunday Times reported that an executive in the bank's metals
division had bribed officials in Malaysia and the Philippines in order to win business. The bank, in a statement on 18 July 1994,
acknowledged that there were "discrepancies in expense claims [that] ... included gifts to individuals in certain countries to facilitate
business, a practice contrary to bank rules". [9]

In 1997, Standard Chartered sold its metals division to Toronto-based Scotiabank for USD$26 million. In 1994, the Hong Kong Securities
and Futures Commission found Standard Chartered's Asian investment bank to have illegally helped to artificially support the price of new
shares they had underwritten for six companies from July 1991 to March 1993. The bank admitted the offense, apologized and
reorganized its brokerage units. The commission banned the bank from underwriting IPOs in Hong Kong for nine months. Standard
Chartered's Asian investment banking operations never recovered, and in 2000 the bank closed them down.

[10]

In the late 1990s, a business consortium purchased a 35% stake to fend off Lloyds. A member of this consortium was Malaysian-born
property tycoon Khoo Teck Puat, who purchased 5% of the bank's shares, which he later increased to 13.4%.
[edit]2000

to present

In 2000, Standard Chartered acquired Grindlays Bank from ANZ, increasing its presence in private banking and further expanding its
operations in India and Pakistan. Standard Chartered retained Grindlays' private banking operations in London and Luxembourg, as well

as the subsidiary in Jersey, all of which were integrated into its own private bank. This now serves high net worth customers in Hong
Kong, Dubai, and Johannesburg under the name Standard Chartered Grindlays Offshore Financial Services.

In India, Standard Chartered integrated most of Grindlays' operations, becoming the largest foreign bank in that country. Ethics issues and
financial losses triggered turmoil; the bank went through three CEOs in three years: Malcolm Williamson was replaced in 1998 byRana
Talwar, who was unseated by Mervyn Davies in 2001. By the time Davies took over, his predecessors had systematically sold off the
bank‘s holdings in continental Europe and the Americas. Former CEO Talwar has claimed Standard Chartered's troubles over the years is
due to its failure to hire local talent. The Indian-born Citigroup Inc. veteran became the bank's first non-British CEO when he was
appointed in 1998.

[10]

Leading to the incorporation of Standard Chartered (Hong Kong) on 1 July 2004, the Legislative Council of Hong Kong amended Legal
Tender Notes Issue Ordinance. The amendment replaced Standard Chartered Bank with its newly incorporated subsidiary - Standard
Chartered Bank (Hong Kong) Ltd - as one of the note-issuing banks in Hong Kong.[11] The same year, Standard Chartered Bank andAstra
International (an Indonesian conglomerate, a subsidiary of Jardine Matheson Group) took over PermataBank and in 2006, both
shareholders increased their joint ownership to 89.01%. With 276 branches and 549 ATMs in 55 cities throughout Indonesia,
PermataBank has the second largest branch network in Standard Chartered organization.[12]
On 15 April 2005, the bank acquired Korea First Bank, beating HSBC in the bid.[13] The bank has since rebranded the branches as SC
First Bank. Standard Chartered completed the integration of its Bangkok branch and Standard Chartered Nakornthon Bank in October,
renaming the new entity Standard Chartered Bank (Thailand).[14] Standard Chartered also formed strategic alliances with Fleming Family
& Partners to expand private wealth management in Asia and the Middle East, and acquired stakes in ACB Vietnam, Travelex,American
Express Bank (Bangladesh) and Bohai Bank (China). The largest shareholder, Khoo Teck Puat, died in 2004; and two years later, on 28
March 2006, the Singapore state-owned private investment firm, Temasek, became the bank's largest shareholder, when it bought the
11.55% stake held by the estate of billionaire Khoo Teck Puat.[4][5][6]

Standard Chartered Bank China in Guangzhou

On 9 August 2006, Standard Chartered announced it had acquired an 81% shareholding in the Union Bank of Pakistan in a deal
ultimately worth $511 million. This deal represented the first acquisition by a foreign firm of a Pakistani bank and the merged
bank, Standard Chartered Bank (Pakistan), is now Pakistan's sixth largest bank. On 22 October 2006, Standard Chartered announced
that it had received tenders for more than 51% of the issued share capital of Hsinchu International Bank (―Hsinchu‖), established in 1948

[15]

in Hsinchu, Taiwan.

Standard Chartered, which had first entered Taiwan in 1985, acquired majority ownership of the bank. Prior to the

merger, Hsinchu was Taiwan's seventh largest private sector bank by loans and deposits as of 30 June 2006, but had suffered extensive
losses on defaulted credit card debt. Standard Chartered merged its existing three branches with Hsinchu's 83 branches, and delisted
Hsinchu International Bank, changing the bank's name to Standard Chartered Bank (Taiwan) Limited; Standard Chartered is the largest
foreign bank in Taiwan in terms of branch network. In 2007, Standard Chartered opened its Private Banking global headquarters
[16]

in Singapore.

On 23 August 2007, Standard Chartered entered into an agreement to buy a 49% share of an Indian brokerage firm (UTI Securities)
for$36 million in cash from Securities Trading Corporation of India Ltd., with the option to raise its stake to 75% in 2008, and, if both
partners were in agreement, to 100% by 2010.

[17]

UTI Securities offers brokering, wealth management and investment banking services

across 60 Indian cities. On 29 February 2008, Standard Chartered PLC announced it had received all the required approvals leading to
the completion of its acquisition of American Express Bank Ltd (AEB) from the American Express Company (AXP). The total cash
consideration for the acquisition is US$823 million.[18][19][20][21][22]

Standard Chartered Bank Tower inPudong, Shanghai, People's Republic of China

On 13 November 2008, Standard Chartered Bank (Hong Kong) Limited, entered into an agreement to acquire 100% of Cazenove Asia
Limited, a leading Asian equity capital markets, corporate finance and institutional brokerage business, from JPMorgan Cazenove. [23]

On 27 November 2009, Dow Jones Financial News reported that Dubai will restructure its largest corporate entity. Among international
banks, Standard Chartered has one of the largest loan portfolios in the Dubai market and the UAE as a whole, estimated to
be$7.77 billion in total. This amounts to 4.2% of Standard Chartered's total loans outstanding. Other impacted banks included HSBC,
Barclays, and RBS. The bank stated that any impairment arising from this exposure would not be material.[24]

Standard Chartered announced an agreement on 27 April 2010 to buy the African custody business from Barclays PLC in order to provide
the bank with custodial capabilities

[clarification needed]

ever Indian Depository Receipt ―IDR‖ offer

in its African markets.

[25]

On 13 May 2010, Standard Chartered PLC launched the first-

[26]

On 17 June 2010, Standard Chartered Bank and the Agricultural Bank of China (ABC) strengthened their strategic partnership. Hong
Kong has been identified as a potential pilot region for the two banks' co-operation journey. The two banks' declared aim is to co-operate
to provide their corporate and individual customers with world class financial markets products. A joint co-operation committee will be
formed by both banks to drive the strategic direction of the partnership. The committee was to be co-chaired by Peter Sands, CEO of
Standard Chartered, and Zhang Yun, President of ABC.

[27]

the Year in The Banker's Bank of the Year 2010 awards.
[edit]Iran

In December 2010, Standard Chartered was recognised as the Global Bank of

[28]

money laundering settlement

On 6 August 2012, the New York Department of Financial Services led by Benjamin Lawsky accused Standard Chartered of hiding
$250 billion in transactions involving Iran, labeling it a "rogue institution". The bank was ordered to appear and defend its actions, or risk
losing its license to operate in the state of New York. The New York Department of Financial Services (DFS) claimed to have documents
showing a cover up of transactions allegedly used to fund terrorist groups in the Middle East.[29]

The next day, the share price bounced back almost 7%, after certain British politicians claimed the bulk of the accusations on the bank
were from an "anti-British bias", as US authorities try to undermine London's banking sector, and blamed US economic problems partly on
the UK.[30]

On 14 August, Lawsky announced that the New York Department of Financial Services (DFS) and Standard Chartered reached a
settlement that allows the bank to keep its license to operate in New York State. According to the terms of the settlement, the bank agreed
to pay a $ 340 million fine to DFS.[31] The bank agreed to install a monitor to oversee the bank's money laundering controls for at least two
years, and appoint "permanent officials who will audit the bank's internal procedures to prevent offshore money laundering".[31] The
monitor will report directly to the DFS.[32] Lawsky's statement said "the parties have agreed that the conduct at issue involved transactions
of at least $250bn."[33] The bank issued a statement confirming that a settlement with the DFS had been reached and that "a formal
agreement containing the detailed terms of the settlement is expected to be concluded shortly".[33]

Other US agencies—including the Federal Reserve, the Federal Bureau of Investigation, the Treasury Department, and the Justice
Department—had also begun investigations into the laundering allegations and were reportedly taken off guard by the speed of the
settlement.[31] The Treasury stated that its own investigation of Standard Chartered will continue.[34] Several financial analysts predicted
that, due to its strong financial position, the bank would be able to easily cover the $340 million fine without having to raise extra capital.[34]
[edit]Standard

Chartered Breeze

Standard Chartered Breeze is a mobile banking application for the iPhone & iPad that can also be used on the computer. It is largely
similar to the online banking services offered by other banks, with the exception of its function to issue electronic bank cheques. Launched
in summer 2010 and aggressively marketed, the reviews have been generally positive. In addition, it has attracted an uncommon amount
of attention due to many innovative marketing strategies it used to promote its product, mostly focussing on social media. Standard

Chartered Breeze organised a blogger's meet for bloggers to preview Breeze, and its Twitter campaign to give away a free iPad was
extremely successful. Standard Chartered Breeze's Twitter page has more than three times the followers than their closest
[who?][35]

competitor.

[edit]Senior

management

Peter Sands is the current chief executive of Standard Chartered. His total annual reward package is $4,142,000, consisting of$1,516,000
salary and a bonus of up to $2,626,000.[36]
[edit]Sponsorship

In September 2009 it was announced that Standard Chartered had agreed to become the main sponsor of Liverpool Football Club for the
period between July 2010 and the end of the 2013-14 football season.[37][38] The deal was reported to have a total value of
£80 million.

[37][38]

This type of switch over form banking to soccer reflects distraction from real to simulated game with a view to hide various mischief
committed by the bank. Noam Chomsky rightly observed, "Sports...is another crucial example of the indoctrination system... Already the
man was inching onto sacred ground...Sports offers people something to pay attention to that's of no importance. ... [sports are] training in
irrational jingoism".[39] [40] Baudrillard also described this simulated reality, though in a different language, " "Empty war: it brings to mind
those games in World Cup football which often have to be decided by penalties (sorry spectacle), because of the impossibility of forcing a
decision. As though the players punished themselves by means of 'penalties' for not having been able to play and take the match in full
battle. We might as well have begun with the penalties and dispensed with the game and its sterile stand-off. So with the war Gulf War: it
could have begun at the end and spared us the forced spectacle of this unreal war where nothing is extreme and which, whatever the
outcome, will leave behind the smell of undigested programming, and the entire world irritated as though after an unsuccessful
copulation."[41]

Standard Chartered Bank is "rightly" using this SPECTacular simulated war-game of accumulating fields as part of their propaganda
machine for hiding the fact of making money-sign from money-sign by defeating the existing logic of ethico-legal norms (M-M'-M... without
any role of [C]apital and [C']ommodity as prescribed in classical formula.)
[edit]Charity

[42]

and Welfare

Standard Chartered support Debate Mate, a British charity which provides debating and public speaking classes to underprivileged
children and visually impaired around the world. Standard Chartered funded the 2012 Debate Mate outreach program in Zambia.[citation
needed]

However, all these charity works, like other charitable activities,(a) to mask the surplus labor extraction, (b) to hide the scams;(c)to

distract the attention of the public from scams as it is found in the Standard Chartered Bank's messy history; (d)to save the tax. Thus
O'Connor, when he reviewed Derrida's deconstruction of charity, observed that everyday acts of charity perpetuate existing social
hierarchies, i.e. vertical structure of the society is preserved. [43] In case of welfare, Standard Chartered follows the path of Welfare
Capitalism[44] that entails the fact that the concerned society is lacking social security as Corporate ruthlessly extractssurplus labor and,
paradoxically enough, that society needs help from the corporate.[45]

One part of their charity program for visually impaired persons, is branded as "Seeing is believing"

[46]

. "Seeing is believing"-slogan leads

to naive realism and lacks epistemological insight as it obliterates other sensory organs. Bertrand Russellopined, ―We all start from ‗naïve
realism,‘ i.e., the doctrine the things are what they seem. We think that grass is green, that stones are hard and snow is cold. But physics
assures us that the greenness of grass, the hardness of stones, and coldness of snow are not the greenness, hardness and coldness that
we know in our own experience, but something very different. The observer, when he (sic) seems to himself (sic) to be observing a stone,
is really, if physics is to be believed, observing the effects of the stone upon himself (sic). Thus science seems to be at war with itself:
when it most means to be objective, it finds itself plunged into subjectivity against its will. Naïve realism leads to physics, and physics, if
true, shows that naïve realism is false. Therefore naïve realism, if true, is false; therefore it is false.‖

[47]

Emphasizing on "seeing" only is

condemned in epistemology as other sense organs are ignored and it is technically called as the fallacy of ocularcentrism. If and only if
snatching away money-sign is the only concern of the bankers, they can ignore such philosophical brooding by using catchy slogans. And
the agents of the bankers perfectly know the know-how of optic illusion, e.g., agents, when they are meeting homo consumens are
showing insurance cum investment bond with small illegible letters for few moments with allegedly false assurances by exploiting the trust
of the consumers. This type of catchy slogan reflects the inherent illiteracy of the super-rich. Deleuzeand Guattari rightly said in their
book, Anti-Oedipus: Capitalism and Schizophrenia[48]" ―Writing has never been capitalism‘s thing. Capitalism is profoundly illiterate.‖
[edit]Notable

employees

John Major, who served as prime minister of the United Kingdom from 1990 to 1997, was employed by Standard Chartered from May
1965, when he joined them as an executive.[49] He was transferred to Nigeria in 1967, and worked for the bank at home and abroad until
he was elected to parliament at the 1979 general election as Conservative Party MP for Huntingdon.
[edit]Collaboration

with Bajaj Allianz Insurance Company In India

Standard Chartered Bank introduced many insurance cum investment policies in collaboration with Bajaj Allianz Insurance Co. with covert
high allocation charges. However, it is alleged that there are several loopholes and lacking of transparencies in their products, therefore a
neologism is used to depict the situation, de jure "ethical fraud"[50] [51]. However, empirical case studies(One policy bond[?], that infringes
the right to information of the consumer is shown here as an example of extreme opacity[52]) are to be incorporated to prove this "ethical
fraud" by the Bankers. Thus, it is better to call the collaboration as, following Adam Smith, collusion:"People of the same trade seldom
meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to
raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with
liberty and justice." [53]
[edit]See

also
Companies portal

List of banks in the United Kingdom
Banknotes of the Hong Kong dollar

[edit]References

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^ a b c d e f "Preliminary Results 2011" (PDF). Retrieved 27 March 2012.
^ "FTSE All-Share Index Ranking". stockchallenge.co.uk. Retrieved 26 December 2011.
^ a b Lin, Liza (25 November 2008). "Temasek Raises Bet on Financial Stocks With StanChart". Bloomberg. Retrieved 19 April 2011.
^ a b "The Tan Sri Khoo Teck Puat Estate Agrees to Sell Shares in Standard Chartered to Temasek". prnewswire. 27 March 2006. Retrieved 8 January 2012.
^ a b "Standard Chartered stake sold". BBC. 28 March 2006. Retrieved 8 January 2012.
^ a b c d "Standard Chartered Bank History". Standardchartered.com. Retrieved 19 April 2011.
^ "Offer sweetened by Lloyds Bank". The New York Times. 28 June 1986. Retrieved 2 May 2010.
^ Sucheta Dalal.http://www.suchetadalal.com/?id=884a0238-d01e-46b7-4bc5d9b349c7&base=sections&f
^ a b Lee, Yoolim (3 November 2009). "Standard Chartered 79% Return Overtakes HSBC With Asian Rebound". Bloomberg. Retrieved 19 April 2011.
^ "Cap 65 - Legal tender notes issue Ordinance". Retrieved 7 September 2012.
^ "PermataBank in Brief". Permatabank.com. 14 April 2011. Retrieved 19 April 2011.
^ "Standard Chartered buys Korea First Bank". Standardchartered.com. Retrieved 16 August 2012.
^ "Standard Chartered to Merge Its Branch with Local Subsidiary in Thailand". Highbeam.com. 29 April 2004. Retrieved 19 April 2011.
^ "Standard Chartered to buy Hsinchu". Ibtimes.com. 29 September 2006. Retrieved 19 April 2011.
^ "Standard Chartered sets up private banking HQ in Singapore". Newsgd.com. Retrieved 19 April 2011.
^ "Standard Chartered to buy 49% of UTI Securities". Thehindubusinessline.com. 24 August 2007. Retrieved 19 April 2011.
^ Clark, Andrew (18 September 2007). "Standard Chartered buys American Express Bank". The Guardian (London). Retrieved 2 May 2010.
^ "Frequently Asked Questions on the Standard Chartered Bank acquisition of American Express Bank".AmericanExpress.com. Retrieved 11 January 2012.
^ "Auditors' Report on the financial statements of Standard Chartered Bank – India Branches under Section 30 of the Banking Regulation Act, 1949, p. 7,
Economic & Political Weekly EPW 28 June 2008". standardchartered.co.in. Retrieved 11 January 2012.
^ "Standard Chartered to Buy American Express Bank Unit (Update4)". Bloomberg.com. 18 September 2007. Retrieved 11 January 2012.
^ "Standard Chartered completes acquisition of American Express Bank for $823 million". standardchartered.com. Retrieved 11 January 2012.
^ "Standard Chartered to acquire Cazenove Asia Limited"(PDF). Retrieved 16 August 2012.
^ Poon, Aries (21 December 2010). "Lender says no material impairment from Dubai". The Wall Street Journal. Retrieved 19 April 2011.
^ "Press release". Wholesalebanking.standardchartered.com. Retrieved 19 April 2011.
^ "Media Centre – 2010 Press Releases". Standardchartered.com. 13 May 2010. Retrieved 19 April 2011.
^ "Standard Chartered Bank Press Releases – 2010". Standardchartered.com. 17 June 2010. Retrieved 19 April 2011.
^ The Bank of the Year Awards, The Banker
^ "Standard Chartered may lose NY license over Iran ties". Reuters.com. 16 August 2012. Retrieved 16 August 2012.
^ "Standard Chartered Share Price Bounces Back". News.sky.com. 16 August 2012. Retrieved 16 August 2012.
^ a b c "British Bank in $340 Million Settlement for Laundering", New York Times, 14 August 2012. Retrieved 14 August 2012.

^ "Standard Charter to pay $340M fine", New York Post, 14 August 2012. Retrieved 15 August 2012
^ a b Standard Chartered agrees settlement with New York regulator, 14 August 2012. Retrieved 14 August 2012.
^ a b "Standard Chartered to Pay $340 Million to Settle New York Case", Wall Street Journal, 14 August 2012. Retrieved 14 August 2012.
^ Ng, Cameron (26 October 2010). "The Standard Chartered Breeze Twitter Campaign". Penn-olson.com. Retrieved 19 April 2011.
^ "Peter Sands: Executive Profile". BusinessWeek. McGraw-Hill. Retrieved 10 August 2009.
^ a b "Bank to be new Liverpool sponsor". BBC News. 14 September 2009. Retrieved 29 March 2012.
^ a b Medlicott, Phil (14 September 2009). "Sponsorship deal 'boosts' Liverpool stadium plans". The Independent. Retrieved 29 March 2012.
^ Noam Chomsky vs The World Cuphttp://www.opednews.com/articles/life_a_isaac_so_060706_noam_chomsky_vs_the_.htm
^ Noam Chomsky on the role of sports in propaganda-based societyhttp://www.youtube.com/watch?v=b_S3xjEi4e0
^ Baudrillard on War and World Cup http://www.long-sunday.net/long_sunday/2006/07/baudrillard_on_.html
^ For detailed discussion on this money-signifier, cf. Chapter on Money in Marx's Grundrisse, K. Marx, Grundrisse: Outlines of the Critique of Political Economy
(London: Penguin,1973, Tr. Martin Nicolaus) pp. 163, 221, 234, 838.http://www.marxists.org/archive/marx/works/1857/grundrisse/
^ Patrick O'Connor, Derrida: Profanations, Continuum, 2010,ISBN 9781441181701. http://ndpr.nd.edu/news/24776-derrida-profanations/
^ The historical development of welfare capitalism in the U.S.A.://tiss.zdv.uni-tuebingen.de/webroot/sp/spsba01_W98_1/usa1.htm
^ Welfare Economics: A Postmodern Responsehttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=2018728
^ Seeing is believing://www.facebook.com/standardchartereduae/app_252926208071637
^ Russell, B.1950.An Inquiry into Meaning and Truth. London: Unwin.:p.15 http://archive.org/details/BertrandRussell-AnInquaryIntoMeaningAndTruth
^ Anti-Oedipus: Capitalism and Schizophrenia//books.google.co.in/books/about/Anti_Oedipus.html?id=3ULfhQ2G1moC&redir_esc=y.
^ Whitney, Craig R. (29 March 1992). "John Major at Bat". The New York Times. Retrieved 22 May 2012.
^ http://www.consumercourt.in/life-insurance/31364-ethical-fraud-committed-standard-chartered-bank-bajaj-allianz-life-insurance.html
^ http://debaprasad.wordpress.com/2012/09/13/ethical-fraud-by-standard-chartered-bank-bajaj-allianz-insurance-co/
^ https://www.facebook.com/photo.php?fbid=365031423571703&set=a.365031296905049.83892.100001945466412&type=1&theater
^ Adam Smith,An Inquiry into the Nature and Causes of the Wealth of Nations (Book I, Ch. 10,pp. 82)

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