BNP Paribas' Rubber Crutch May Cost Over $8 Billion
mitchellepner.substack.com
BNP Paribas, the largest French bank, is about to get slammed with the largest criminal penalties in United States history. According to the New York Times, BNP is in final negotiations to plead guilty to criminal violation of the sanctions imposed on Iran, Sudan and other countries and pay a huge monetary penalty. In April, BNP reserved $1.1 billion to pay the cost of its violations. That will not nearly be enough. The press is reporting that BNP is expected to pay at least $8 billion. The United States Department of Justice is pushing for the financial penalty to reach $10 billion, and is the subject of intense
BNP Paribas' Rubber Crutch May Cost Over $8 Billion
BNP Paribas' Rubber Crutch May Cost Over $8…
BNP Paribas' Rubber Crutch May Cost Over $8 Billion
BNP Paribas, the largest French bank, is about to get slammed with the largest criminal penalties in United States history. According to the New York Times, BNP is in final negotiations to plead guilty to criminal violation of the sanctions imposed on Iran, Sudan and other countries and pay a huge monetary penalty. In April, BNP reserved $1.1 billion to pay the cost of its violations. That will not nearly be enough. The press is reporting that BNP is expected to pay at least $8 billion. The United States Department of Justice is pushing for the financial penalty to reach $10 billion, and is the subject of intense