James Moore: New York bus inspectors really mean business
Outlook First it was the banks, now it's the buses. Stagecoach is the latest British company to fall foul of American regulators.
Let's be clear here. When compared with laundering dirty cash for drug lords and dodgy regimes in the Middle East, Stagecoach's sins are pretty mild.
All it's done is set up a joint venture to seize control of the rather lucrative tour bus market in New York. You hop on, pay up and hop off.
It's the paying part that's getting everybody worked up, with the New York attorney general and the US Department of Justice saying that Stagecoach's joint venture has a vice-like grip on the market, which it has used to substantially raise fares.
This rather feeds through to a narrative that the Yanks are out to get our guys. There are those mega-fines that were handed out to HSBC and Standard Chartered over money laundering, the way BP quickly became British Petroleum when it spilled oil all over the Gulf Coast, and now this.
The special relationship isn't apparently very special when it comes to business.
But another way to look at it is that American regulators are simply doing their jobs. Why should they soft-soap UK companies that misbehave?
Stagecoach says the legal action it faces is unnecessary and it is confident a deal can be done. Its management might want to hop on the bus to HSBC if it thinks it can talk like that and secure a compromise.
The DoJ and the New York attorney general tend to play for keeps. Our authorities could learn a thing or two from them when it comes to the American companies playing fast and loose with all sorts of rules on this side of the pond.
- 1 iOS 8 apps and features: eight iPhone settings you need to look at after you install update
- 2 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 3 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 4 Scotland could still declare independence – even without referendum, says Alex Salmond
- 5 Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
Khorasan: Muhsin al-Fadhli - the man leading a terror group more feared by US officials than Isis
'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
Alicia Keys leaks nude photo 'to create a kinder and more peaceful world'
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...
Up to £80000: Saxton Leigh: My client, a large commodities broker, is looking ...