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[Narrator] When American banks realized
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The Spider's Web: Britain's Second Empire

When American banks realized that London offered the abilityto avoid US regulations, they...

[Narrator] When American banks realized that London offered the ability
to avoid US regulations, they moved their international
operations to the city

Full Transcript

00:00:01.000 --> 00:00:02.648
- [Narrator] When American banks realized
00:00:02.648 --> 00:00:06.308
that London offered the ability to avoid US regulations,
00:00:06.308 --> 00:00:09.725
they moved their international operations to the city.
Duration
11 seconds
Views
21
Timestamp in Movie
00:06:32
Uploaded
Oct 30, 2025
Genres
documentary
Production
N/A

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Movie Summary

How Britain transformed from an imperial power to a financial power.
Around the same time as American banks - The Spider's Web: Britain's Second Empire 00:18
Around the same time as American banks
- Back in the '60s, - The Spider's Web: Britain's Second Empire 00:06
- Back in the '60s,
The stories go that the mosquitoes were so thick - The Spider's Web: Britain's Second Empire 00:09
The stories go that the mosquitoes were so thick
- [Narrator] Accountants and lawyers from London arrived - The Spider's Web: Britain's Second Empire 00:13
- [Narrator] Accountants and lawyers from London arrived
Because these jurisdictions' main selling point was secrecy, - The Spider's Web: Britain's Second Empire 00:09
Because these jurisdictions' main selling point was sec...
- What the Cayman Islands was doing - The Spider's Web: Britain's Second Empire 00:06
- What the Cayman Islands was doing
Drug money was coming in, in huge quantities, tax evasion. - The Spider's Web: Britain's Second Empire 00:06
Drug money was coming in, in huge quantities, tax evasion.
Whatever you wanted, you could have it. - The Spider's Web: Britain's Second Empire 00:05
Whatever you wanted, you could have it.
- [Narrator] The Bank of England was observing - The Spider's Web: Britain's Second Empire 00:25
- [Narrator] The Bank of England was observing
"There is of course no objection - The Spider's Web: Britain's Second Empire 00:16
"There is of course no objection
- These small territories, - The Spider's Web: Britain's Second Empire 00:10
- These small territories,
Seven of them are bonafide a tax haven, - The Spider's Web: Britain's Second Empire 00:09
Seven of them are bonafide a tax haven,
Some of the biggest tax havens - The Spider's Web: Britain's Second Empire 00:06
Some of the biggest tax havens
- [Narrator] With access to large amounts of offshore money, - The Spider's Web: Britain's Second Empire 00:08
- [Narrator] With access to large amounts of offshore money,
By 1980, it had reached $500 billion. - The Spider's Web: Britain's Second Empire 00:05
By 1980, it had reached $500 billion.
And by 1997, nearly 90% of all international loans were made - The Spider's Web: Britain's Second Empire 00:09
And by 1997, nearly 90% of all international loans were made
The British Empire had sunk, leaving hardly a trace behind. - The Spider's Web: Britain's Second Empire 00:07
The British Empire had sunk, leaving hardly a trace behind.
But the City of London adapted and survived. - The Spider's Web: Britain's Second Empire 00:06
But the City of London adapted and survived.
The City of London, London's financial district, - The Spider's Web: Britain's Second Empire 00:07
The City of London, London's financial district,
It has been called a city within a city, - The Spider's Web: Britain's Second Empire 00:07
It has been called a city within a city,