Herbert and Keiser moved to London a year ago. "Because this is the world capital of banking fraud. Pretty much every financial scandal of the past 20 years has had its main component in London, because it has the least regulated banking environment. This is very important for the US, because America outsources its own fraud to London, just as it outsources its labour to China." The JP Morgan and UBS traders who lost billions, he points out, were both London-based. "And Lehman Brothers went through the UK. As did AIG." (The latter, a multinational insurance corporation, has been troubled by many controversies including its 2008 government bailout, subsequent executive bonus payments estimated at between $165m and $450m – some say more – and charges relating to accounting fraud, settled out of court in 2006.)