Having read a considerable amount of the press coverage on the allegations being made by a US regulator against Standard Chartered Bank, one can only conclude that this is yet another example of American politics in action - a series of allegations made which are either completely unsubstantiated or blown wildly out of all proportion even before a proper investigation has been made. The spirit of McCarthyism is alive and well.
Hopefully Standard Chartered Bank will continue to vigorously defend themselves (unlike HSBC which tamely rolled over) and all the non-US governments and regulators which failed to stand up to intrusions on their sovereignty like the PATRIOT Act.
I don't own shares in SCB but am very tempted to go and buy a few to show moral support for the latest victim of the US regulators and politicians.
It is long past time that the rest of the world told America's political grandstanders to foxtrot oscar.
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