Monday, 24 September 2012

Standard Chartered - The tip of an Iceberg?



Standard Chartered - The tip of an Iceberg? 

August this year, the UK based bank Standard Chartered was accused of illegally scheming with Iran to launder money by a young aspiring regulator from New York. Of course the bank denied the bulk of the charges, (they admitted of hiding $14m of transactions, not the alleged $250bn.) Yet I will not be focusing on the relatively minor misdemeanours of the bank but instead what the allegations really mean and entail.
In order to do this, we are going to need to zoom out of the bank accusations and look at the bigger picture. In the US there is a large Jewish lobby who have influence over politics and other important areas of the country. Recently the Americans have been pressured by the lobby to stop Iran from building a nuclear weapon. However, rather than straight out going to war with Iran, America is imposing economic sanctions to persuade Iran to stop.
In order for this method to work, America wants all countries to obey the sanctions. They went about this by asking at the UN for others to follow. Both China and Russia disagreed and would not comply - why should they agree? However, due to our long-standing relationship with the US, Britain agreed to the sanctions.
Now that we have had a glimpse of the big picture, we can zoom back in and have a closer look the bank. According the the BBC, British bankers are saying that this is looking increasingly like an assault on the city of London by the US authorities. So, could it be that some Americans are misusing Britain’s compliance with the economic sanctions against Iran to bring business from London to New York? Some politicians have spoken of a perceived “anti-British” bias in Washington designed to weaken London as a financial center, even more so as the accusers threaten to revoke Standard Chartered’s New York trading license.
On one hand, these accusations may only be to bring business to New York, but on the other hand by looking at the bigger picture we can that ultimately Iran only want a Nuclear weapon to assure their own security, as the Isrealis have one which the Americans have them.
In conclusion, with no recognition of the offence this causes to the Palestines and the Arab world, along with increasing tension, this could spark into a devastating conflict.

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