John Mann, British Labour Party MP: US targets UK banks to steal dollar-trading business

Friday, 10 August 2012 09:49

Standard Chartered Bank in the UK is fighting back on charges it laundered a quarter of a trillion dollars for Iran, arguing that only 14 million of dollars’ worth of deals fell foul of US regulations. The troubled lender lost a quarter of its market value when New York officials went public with the charges.

The British bank's troubles have kicked off a trans-Atlantic spat with none other than London Mayor Boris Johnson accusing New York of damaging London's reputation as a financial hub.

British Labour Party MP John Mann agrees that it's a targeted attack on the British financial system.

“What the American politicians and regulators are doing is specifically targeting with over-emotive language British banks, and the reason is that New York is trying to steal part of the dollar trading business that goes through London. This is America taking on Europe, and trying to regain markets. That’s the anti-British bias that’s going on. And when American politicians and regulators say - 'there is a London problem' - they are wrong. There is a problem with international banking, there is a problem in the ethics and behavior of international banks, including in London. But this isn't London problem, it’s not a British problem, it’s a problem of international banking.”



Courtesy of

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