Bruised And Grumbling, Foreign Banks Bend To U.S. Rules!?!

Alan: It is remarkable that U.S. financial reform is strong enough to pain European banks.

Bruised and grumbling, foreign banks bend to U.S. rules. "Major lenders in Europe and Asia are reacting to the steady flow of punishments from the United States by doing ever more to comply with U.S. laws and by cutting business ties in countries Washington dislikes rather than risk its wrath and, in the worst scenario, risk exclusion from the dollar system. Official regulators outside the United States are starting to look at ways to prevent their own banks and markets from being damaged by the scale of U.S. penalties. But for now, each bank on its own has little choice but to toe Washington's line....Meanwhile...foreign banks who have fallen foul of U.S. rules are doing everything they can to ensure they can still tap the world's financial epicenter." Steve Slater and Michelle Price in Reuters.