No Holders Barred: DOJ Slams BNP With Multi-Billion Dollar Penalty

Tyler Durden's picture

Francois Hollande is not having a good week - disastrous elections over the weekend, followed by record high numbers of jobseekers (destroying his promise to deliver jobs), and now his banking system is under attack; as the WSJ reports:

  • *US JUSTICE DEPT SEEKS >$10B BNP PENALTY FOR SANCTIONS EVASION: WSJ

A final resolution (and a guilty plea) of the years long investigation of the French bank is likely weeks away, WSJ notes but it does remain ironic that in flexing his enforcement muscles, DoJ's Eric Holder is about to crucify yet another non-US bank.

 

As The WSJ reports,

The U.S. Justice Department is pushing BNP Paribas SA  to pay more than $10 billion to resolve a criminal probe into allegations it evaded U.S. sanctions against Iran and other countries for years, which would represent one of the largest penalties ever imposed on a bank, according to people familiar with the negotiations.

 

A final resolution of the yearslong investigation of the French bank is likely weeks away, and it's possible the ultimate settlement amount could total far less than $10 billion. BNP is looking to pay less than $8 billion, according to the people familiar with the settlement discussions, although a person close to the bank said its negotiators have never mentioned the $8 billion figure in talks with U.S. authorities.

 

BNP and the U.S. authorities also remain locked in negotiations over whether the bank will temporarily lose the ability to transfer money into and out of the U.S., the people said.

 

Prosecutors are continuing to try and extract a guilty plea from the bank and, in recent negotiations, have pointed to the muted market reaction in the wake of Credit Suisse AG's admission to conspiring to aid tax evasion as evidence that a guilty plea by BNP would not be disastrous, according to a person familiar with prosecutors' thinking.

So to get some context, DOJ's Eric Holder, frustrated at allegations he refuses to take legal action against banks, is doing his best to destroy one particular bank: a French one, not to be confused with an American bank of course. After all those still pull all the strings at the Department of "Justice." However, over in Europe, where first it was Credit Suisse and now French BNP is about to get crucified, US enforcement has never been stronger.

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nope-1004's picture

 

 

Exporting US monetary law all around the world.  It's what we do.  Either accept it, or be invaded.

Love, USSA

 

Jumbotron's picture

O.M.G. !!!!

WE HAVE SOOOOooooo MANY HERE IN OUR OWN COUNTRY YOU COULD SLAM  !!!!

AAAAAARRRRRRRRGGGGGHHHHHHH !!!!!!!!!!!!!!!!!!!!!!!!!!!!!

knukles's picture

Well, after all, the French refuse to take American natural gas in place or Russian natural gas, so quelle surprise, Bitchez!

 

I've actually just pissed myself thinking that the French will cut our caviar and pate rations....  in response... so much for the WartHouse's daily moochmeal schedules...

outamyeffinway's picture

Still a fuckhead Holder. Fuck off.

Pladizow's picture

Excuse me Mr. Holder - were there any US citizens that were killed because of what the bank did?

NotApplicable's picture

Tyler, you forgot the "Thursday Humor" label!

This may become the obligitory comment for all threads.

SWRichmond's picture

This is the "least dirty (bloody) shirt theory" in action.

Sophist Economicus's picture

Oh look, BNP is a primary dealer.    Guess they'll just do a back door funding -- from Fed to ECB to BNP.    What a circus

smlbizman's picture

i take that the recent size of these fines indicates just how broke these fuckers are.......

macholatte's picture

 

Is BNP one of the banks the FED bailed out?

 

 

COSMOS's picture

I get it the crooks are greener on the other side of the fence or something like that.

Anyways I guess we are making them pay for the Mistral deal several times over.  This may backfire and make the French say screw you and join up with the Russians especially since lePen has been gaining power.  After all the French don't care much for the USA and UK and Canada and Australia alliance.  They were always marginalized by the English speaking world.  At least with the Russians they are on an even foot.

espirit's picture

Isn't a multi-billion dollah fine just a bunch of zero's and one's.

This is just churn.

ebworthen's picture

Nothing better than a little goose or duck liver pate with some Champagne, and some golf, eh knukles?

I'd bet the First Wookie doesn't like the caviar, too salty!

I can picture Jamie Dimon smoking a fat stogie swirling some scotch in a glass and having some hearty guffaws about BNP's fines and his untouchable status - as he rolls his Presidential cufflinks and grins.  Corzine is probably with him on the veranda.

Of course it's monetary fines and no jail time for anyone.

centerline's picture

No doubt a political move.  Nothing to do with "Justice" going on here except the convenient cover story.

perchprism's picture

 

"It's very important that we extract a confession  guilty plea from you, for form's sake, you understand, if you would like to avoid the dunking stool, that is...

Hexagon's picture

If the US Gov thinks Europe is not going to retaliate, it's pretty naive. They can already kiss goodbye to the TTIP.

GVB's picture

RT newsarticle (http://rt.com/news/158468-france-russia-mistral-deal/)

"In the wake of the crisis in Ukraine, the United States had been pressing France as well as Britain and Germany to take a tougher line against Russia and cancel the Mistral contract." US Secretary of State Victoria Nuland expressed concern over the deal on May 8 after US lawmakers had demanded more pressure be put on France to stop the contract. “We have regularly and consistently expressed our concerns about this sale, even before we had the latest Russian actions, and we will continue to do so,” Nuland told the House Foreign Affairs Committee.

PCR article (http://www.paulcraigroberts.org/2014/05/25/war-inevitable-paul-craig-rob...)

Putin is hoping that the interests of European countries will prevail over subservience to Washington. This is Putin’s current bet. This is the reason Putin remains unprovoked by Washington’s provocations in Ukraine. If Europe fails Russia, Putin and China will prepare for the war that Washington’s drive for hegemony makes inevitable.

 

max2205's picture

Check the floor there is a nose somewhere. ....despite the face

COSMOS's picture

Guess the freedom fries are coming back into vogue.  Who cares about the French wine, we have the Moldovan Chardonnay and Champagne just waiting to release their bubblies on the American palate.

SDShack's picture

How do you say "There's a turd in the punchbowl." in French?

COSMOS's picture

Presentante Le "President of the United States de la America, Monsieur Obummawamma"

DoChenRollingBearing's picture

 

 

"The Department of Just Us"

JLee2027's picture

Just have the Federal Reserve print some electrons and forward it. 

There, solved. 

drendebe10's picture

How to win friends and influence people.....  these guys are corrupt azzho's....

williambanzai7's picture

A French Bank...yawn

DaddyO's picture

Just another revenue stream for Vichy DC, eh?

DaddyO

falak pema's picture

An Oligarchy bank would suffice; french or other is immaterial, in the banksta web of Bildergberg concoction. 

toms's picture

FUCK YOU ERIC HOLDER...WHATA PIECE OF SHIT!!

lordbyroniv's picture

Who do these people think they are?

hangemhigh77's picture

These fines are all bullshit. They just skim back and forth and the people think "Wow they really got nailed" when in actuality they stole 100 times what they're being fined AND I don't believe they pay the fines unless I SEE it with my own eyes. They probably just put 100 mil in Holder's Swiss bank account and call it even. AND, .............who goes to jail???? NO ONE!!! It's all BULLSHIT!!!!

Dr. Richard Head's picture

Couldn't have said it better myself. 

The frustrating thing is that most of the plebes don't give a shit from what I see.  They want to do thier own waste of life shit and feed in the breads and play in the circuses that surround us all.  So long as that continues, the masses will be placated to submit and obey.  Irritating doesn't even begin to describe it.

Just imagine if, like many of us here, could each convince one or two people in our neighborhoods to withdraw their funds from the TBTF banks, withdrew their "retirement" accounts from the stawk market, and bought an ounce of gold.  Imagine what would transpire. 

Now back to your regularly scheduled "programming"...

COSMOS's picture

Well doc its because a lot of people are squeezed for time.  Long hours of work they get home, the family etc, dinner, hit the sack, back in the rat race the next day.  They either work weekends or they sleep off the work hangover, screw a little, and there goes all that time for independent thinking and researching topics.  The people in power and in the know are aware that time is a luxury only they have, as long as they give the sheeple no to time to think and organize all is well.

youngman's picture

If I was a foreign bank I would think I was being picked on...why not the local banks too.....soon no USA citizens will be able to use a foreign bank...they just do not want the hassle

centerline's picture

It already very difficult if not impossible in many places.  Borders are closing fast.  The hunt for money is ramping up.

DoChenRollingBearing's picture

The borders are closing fast.  And no place is perfect.  But, some might do better with a Plan B country.

Ours Plan B is (will be) Peru.

One of my correspondents recommends Paraguay!  Yes, things are looking up there.  The below article is not comprehensive, but I wanted to show some people who have actually done something:

"Plan B Countries & Thoughts"

http://goo.gl/CLMVUe

COSMOS's picture

Georgio Bushwacko loves paraguay too, they bought like over a 100,000 acre ranch down there as their bugout place if civil unrest hits the fan here.  I hear he sits on top of the world's largest aquifer there.  He will need a lot of water to get the stench off of all those dead boys and civillians he killed in his mission accomplished.

Maybe Obummer can get a ranch next to him.  I hear a USA Marine base is close by and the Paraguay govt passed a resolution against extraditing residents of Paraguay in front of the international court for war crime just before Bushwacko bought the pad.

 

http://www.bibliotecapleyades.net/sociopolitica/esp_sociopol_bush53.htm

Winston Churchill's picture

Local banks are exceptional.

Exceptionally corrupt, just like this whole Administration in fact. A correlation.

McMolotov's picture

He's such a creepy fucker with that '70s porn mustache.

mc225's picture

yeah that moustache is a trip.

centerline's picture

Nudging the EU a little closer to the edge of the cliff.  lol.

blabam's picture

Actions like this makes you want to trade in dollars... 

Chupacabra-322's picture

(WXIA) -- Atlanta Mayor Kasim Reed is among nearly 150 people invited to the 62nd annual Bilderberg conference, being held this year in Copenhagen, Denmark, from May 29 to June 1.

http://www.11alive.com/story/n......

Call his office & ask if tax payers are paying for his trip & that he's in violation of The Logan Act & committing a crime.

Mayor Kasim Reed
Office of The Mayor
404-330-6100.

falak pema's picture

when Thieves fall out...after the Ukraine divorce with Putin, now the upcoming stand off within the EU and USA oligarchy...

f16hoser's picture

Fuck You Holder! Kill Yourself now. The day you die, the people will demand a National Holiday of Joy to mark the occassion!

JR's picture

Holder is perhaps the weakest attorney general who’s ever held the office on finding perpetrators of lawlessness. Not so, if it involves the interests of the Israeli State; because it is Israel and the Neocons that have forced U.S. policy into aggressive sanctions on Iran.

If they could, these interests would have the Pentagon attack Iran immediately and constantly; failing that, they get the strongest sanctions in place possible. And, now, the ultimate, prejudicial black-power attorney general knows when he’s up against a client that demands prosecution of those that violate its wishes (never mind what the American public would like to have).

Colonel Klink's picture

Steal 100 billion dollars, get fined 10 billion.  Seems like a fair deal to me. /sarc

Fuck you government!