UK Politicians Are Flipping Out Over The Anti-British Bias Of US Regulators

Revolutionary War

Photo: Wikimedia Commons

Earlier this week, a little known state regulator came out with some bombshell allegations against a U.K. bank and now some British politicians are sounding off about an anti-British bias from U.S. regulators.The New York Department of Financial Services–headed by former prosecutor Benjamin Lawsky–alleged that Standard Chartered helped facilitate hundreds of billions of dollars worth of transactions for Iran, which is currently under sanctions by the U.S.

Standard Chartered denied those allegations.  

Now a handful British politicians have fired off and they make it sound as if there’s an anti-British conspiracy from U.S. regulators.  

  • According to the FT, London’s mayor Boris Johnson warned, “We must be very careful that the proper desire to root out wrongdoing does not become an excuse for protectionism and a self-interested attack on London’s status as the world’s pre-eminent financial centre.”
  • Labour Party MP Pat McFadden is also quoted in the Financial Times saying, “But we have to be careful after all the recent reports not to think of London as the Wild West and New York as some kind of perfect financial nirvana; that would not be accurate.”
  • According to the BBC, Labour MP John Mann said, “I think it’s a concerted effort that’s been organised at the top of the US government. I think this is Washington trying to win a commercial battle to have trading from London shifted to New York.”
  • Tory MP Kwasi Kwarteng is quoted in the FT as saying, “Some of these investigations are politically driven, I wonder if this New York regulator is … looking for a high-profile scalp”

SEE ALSO: The Fed And The Treasury Are Furious That A No Name Regulator Went Around Them And Attacked Standard Chartered >

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