George Osborne raises concerns with Obama administration over US banking regulator's damning indictment of Standard Chartered
George Osborne has raised concerns with the Obama administration about the approach of US banking regulators to allegations of sanctions busting by one of Britain’s biggest banks.
Mr Osborne is understood to have spoken to his opposite number Tim Geithner, the US Treasury Secretary, after New York Department of Financial Services broke ranks with other regulators and published as damning indictment accusing Standard Chartered of hiding more than $250bn of transactions linked to Iran.
Tonight the Treasury refused provide details of the contents of the call but it comes against a backdrop of increasing unease in Whitehall over what some see as growing political attacks on British banks from across the Atlantic.
Earlier today the Governor of the Bank of England Sir Mervyn King appeared to question the motivation of the New York authorities in publically shaming Standard Chartered – before investigations had been concluded. As a result at one stage more than 25 per cent was wiped off Standard Chartered share price yesterday.
“I think all that the UK authorities would ask is that various regulatory bodies that are investigating a particular case try to work together and refrain from making too many public statements until the investigation is completed,” Sir Mervyn said.
The Mayor of London Boris Johnson went further – effectively accusing the New York authorities of trying to damage Britain’s banks to benefit their American competitors.
“You can’t help wondering whether all this beating up of British banks and bankers is starting to shade into protectionism; and you can’t help thinking it might actually be at least partly motivated by jealousy of London’s financial sector — a simple desire to knock a rival centre,” he wrote in The Spectator.
- 1 PlayStation and Xbox hacked by Lizard Squad
- 3 The Grace Dent Christmas Questionnaire
- 4 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
PlayStation and Xbox hacked by Lizard Squad
Antonio Martin shooting: Black teenager may have tried to ambush patrolman, says police officer's lawyer
Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
Boxing Day snowfall set to push even more bargain-hunters online for sales
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Alex Salmond has 'broken his word to the Scottish people' says Scottish Lib Dem leader
£40000 - £43000 per annum + benefits: Ashdown Group: Senior Marketing Executiv...
£40000 - £43000 per annum + benefits: Ashdown Group: An international organisa...
£25000 - £30000 per annum: Ashdown Group: Internal Recruiter -Rugby, Warwicksh...
£70000 - £75000 per annum + benefits: Ashdown Group: Marketing Manager/Marketi...