The New York Times says tonight on the Standard Chartered story:
Not all critics of British banking, however, are holding their fire.
Richard Murphy, a London-based authority on tax evasion and money laundering schemes, argues that the accusations against Standard Chartered – even if 99.9 percent of its practices prove to be within the bounds of American law – highlight an arrogant assumption on the part of British banks that they are immune to global rules of best banking conduct.
“So what if a regulator is a bit of a lone wolf – that just shows he is independent,” Mr. Murphy said of the New York banking regulator, Mr. Lawsky. “This shows that there is a deep worry that institutions in London are ignoring the obligations of other regulatory environments. It is a tax haven mentality, and the U.S. has had enough of it.”
That sounds like me. And I stick by it.
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a Norfolk-based authority on tax evasion and money laundering schemes…
🙂
http://www.zerohedge.com/news/confused-why-so-many-foreign-banks-are-suddenly-being-charged-us-heres-why
I happen to think that’s nonsesne
Radio 4’s new programme on ‘Broken banking’ on Thursday afternoon was about PPIs and the profit they made for banks. I have recently been helping someone who is being repossesd despite having such a policy. The contracts, it said, were written in such a way as to prevent too many payouts and generate huge profits. Ordinary people too often pay the price with great suffering.
We should have had a root and branch reform of banking following the ‘credit crunch’. Where are the politicans calling for this-except the Greens? We need those courageous politicans.
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/08/Lobbying%20ROI.jpg