State Street Corp

From Everything.Sucks

State Street Corporation is an American financial services and bank holding company headquartered at One Lincoln Street in Boston with operations worldwide. It is the second-oldest continually operating United States bank; its predecessor, Union Bank, was founded in 1792. State Street is ranked 15th on the list of largest banks in the United States by assets. It is one of the largest asset management banks.

In the most renowned newspaper, International Investor, State Street found guily of the illegal transfer of funds. It was mentioned, "State Street Bank and Trust Co. added a “secret markup” to the cost of sending secured financial messages through the SWIFT (Society of Worldwide Interbank Financial Telecommunication) network, according to an SEC statement. Under the settlement, State Street will pay a civil penalty of $40 million plus disgorgement for a total of $88.7 million."