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France Furious At US $10 Billion BNP "Masterful Slap", "Racketeering" Fine

Tyler Durden's picture




 

With Eric Holder suddenly playing hardball with the banks (most notably not US banks), it has not gone unnoticed among the largest European newspapers. The potential $10 billion penalty for BNP Paribas - France's largest bank - for alleged dealings with a sanctioned Iran has been called a "masterful slap," by Le Monde and Le Figaro said the U.S. was making an example of BNP to deflect criticism it had been "lenient with the American banks responsible for the financial crisis." This could make for an awkward week for Obama, not only facing Putin as he visits Europe to celebrate D-Day but as the allies themselves turn on him with France's Hollande likely to raise the matter and, as Bloomberg reports, newly elected National Front party called on the French government to "defend the national interest" in the case.

 

As Bloomberg reports, following Eric Holder's plan to fine BNP Paribas $10 billion over dealings with sanctioned nations,The French are crying foul...

Le Monde in its May 31 edition called the possible fine a “masterful slap.” Le Figaro newspaper said the U.S. was making an example of BNP to deflect criticism it had been “lenient with the American banks responsible for the financial crisis.” Hollande may raise the matter with Obama this week, Les Echos reported today, without citing anyone.

This would be the largest criminal penalty in US history - which some are claiming is unfair...

“If this results in a guilty plea, it is likely to increase debate in France and the rest of Europe about the essential fairness of U.S. criminal procedures,” said Frederick T. Davis, a lawyer at Debevoise & Plimpton LLP in Paris and a former U.S. prosecutor.

Europe is not happy...

“This affair is part of Washington’s hegemonic ambition in law and commerce,” said Jacques Myard, a lawmaker from Former President Nicolas Sarkozy’s UMP Party. “Washington has the annoying habit of trying to apply its laws outside its jurisdiction and use its strength for commercial ends.”

 

...

 

“Megaphone diplomacy is not what’s called for here,” Le Guen said on BFM television. “The United States can’t treat its allies like this.”

 

...

 

In a statement on its website, the National Front accused the U.S. of “racketeering,” in an effort to weaken BNP and aid its American rivals. “We demand that the French government not stay idle,” the statement said.

It seems this week might be a busy one for Obama as he visits Europe...

“It would be unacceptable for the French government to do nothing at a time when the European Union is negotiating a free-trade accord with the U.S.,” he said.

And as if that was not bad enough, just this week, Goldman Sachs has downgraded the French bank from "conviction buy" because a potentially meaningful financial penalty in the US curtails the
outlook for capital return.

On excess capital optionality, the Wall Street Journal reported (May 29) that the
US Department of Justice is seeking more than US$10 bn for the alleged violations of US economic sanctions for US$ transactions with certain countries. If this were the case then the hit to CET1 from additional provisions would reach c.110 bp of RWAs and lower the CET1 ratio to 9.5% pro forma on 1Q14. The company has provisioned US$1.1 for a potential penalty; however the final impact could be significantly larger than this.

 

For purposes of our analysis we incorporate additional provisions in expectation that BNP will face a US legal penalty in the amount of US$7.5 bn, based on the midpoint of the latest two amounts reported in the press (US$ 10bn, WSJ, 5/29/2014; US$ 5bn, Reuters, 5/21/2014).

 

Recent reports have introduced wide-ranging outcomes. Other examples suggest that settlements can reach the top end of the range (e.g. media put Credit Suisse litigation charge at $1bn, rising to $2.5bn. The settlement on May 20 was $2.6bn). This reduces our 4Q14 CET1 capital estimates to 10.2%.

So - sell French banks and... buy US banks? Seems like the Treasury's Terrorism unit is working full-time these days.

 

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Mon, 06/02/2014 - 08:53 | 4816425 Badabing
Badabing's picture

I fart in your general direction sir.

I don't think France can end the double standard

Mon, 06/02/2014 - 09:04 | 4816473 williambanzai7
williambanzai7's picture

Mon, 06/02/2014 - 09:06 | 4816476 williambanzai7
williambanzai7's picture

Mon, 06/02/2014 - 09:57 | 4816586 dontgoforit
dontgoforit's picture

Rube Goldberg is alive and well.

Mon, 06/02/2014 - 10:43 | 4816734 Anglo Hondo
Anglo Hondo's picture

Instead of Helpless Europe,  perhaps "Hapless Europe" is more appropriate.

Mon, 06/02/2014 - 10:53 | 4816763 SoilMyselfRotten
SoilMyselfRotten's picture

Remember how big a fine Halliburton received when it got caught for its backdoor dealing with Iran several years back?? Close your eyes, what do you see?

Mon, 06/02/2014 - 14:53 | 4817605 Georgia_Boy
Georgia_Boy's picture

Silly Europeans, you can skim and screw the little guys here in the USA all you want and the government will shrug, but two things you must not do: 1. Double-cross the MIC, and 2. Help people not pay their taxes.

Mon, 06/02/2014 - 08:49 | 4816426 ThisIsBob
ThisIsBob's picture

Just putting France in the mood to help out with sanctions.

Mon, 06/02/2014 - 09:02 | 4816452 Headbanger
Headbanger's picture

Yeah but they'll be joining Putin sanctioning the US.

Don't be surprised to see France give the US the finger now and cozy up to Russia.

Remember, France re-joined NATO only five years ago so they're still not so gung-ho about it IMO.

Mon, 06/02/2014 - 12:07 | 4817027 tonyw
tonyw's picture

wasn't there some little dispute about not being able to change notes for gold?

Mon, 06/02/2014 - 18:59 | 4818377 OpenThePodBayDoorHAL
OpenThePodBayDoorHAL's picture

LOL Holder "cracking down on banks" LOL

Five minutes after the Credit Suisse fine was announced their CEO declared "this will have no material impact whatsoever on our operations".

Mon, 06/02/2014 - 09:05 | 4816474 NoDebt
NoDebt's picture

Yeah.  You really gotta be a little nuts to be a US ally these days.  We shaft our allies worse than we do our enemies.

Mon, 06/02/2014 - 10:14 | 4816655 stoneworker
stoneworker's picture

Allies?....or puppets?

Mon, 06/02/2014 - 10:17 | 4816671 eurogold
eurogold's picture

Yes, it's not enough that the U.S. pisses Russia + China off. Now Europe is being attacked to perpetuate the distraction from problems at home. Sink the petrodollar now !

 

Mon, 06/02/2014 - 10:47 | 4816748 Lost My Shorts
Lost My Shorts's picture

Probably everyone in Europe knows the score.  If big banks fleece the American people, c'est la vie.  If big banks deal with Iran, however, it upsets a certain lobby that matters more than the American people, and that is a whole different matter.  The Frogs know who is pulling the strings there, and what it means politically to push back, and they know Obama is not even the one to talk to.

Mon, 06/02/2014 - 08:52 | 4816431 TideFighter
TideFighter's picture

This administration's blame-the-other-guy meme is stronger than ever and has gone full retard. And when a repub can't be blamed, they blame an object; website, video, french fries, etc.

Mon, 06/02/2014 - 08:57 | 4816449 Buckaroo Banzai
Buckaroo Banzai's picture

Hey, it's called the Department of Just Us for a reason.

Mon, 06/02/2014 - 09:40 | 4816552 SoilMyselfRotten
SoilMyselfRotten's picture

France just got Belgium'd

Mon, 06/02/2014 - 09:58 | 4816590 dontgoforit
dontgoforit's picture

The upper GI is the Belgium'd - the enema is the Cyprus'd - that'll be next.

Mon, 06/02/2014 - 08:51 | 4816432 rtalcott
rtalcott's picture

 the U.S. was making an example of BNP to deflect criticism it had been "lenient with the American banks responsible for the financial crisis." 

 

Huh? This makes no sense...bad translation?

Mon, 06/02/2014 - 08:55 | 4816441 AnAnonymous
AnAnonymous's picture

It only makes no sense when you cant admit that the financial crisis origin was in the US and not Zimbabwe as 'americans' like to alledge.

And/or when you cant admit that US Americans have carefully avoided applying punishment against their own banks.

Mon, 06/02/2014 - 09:05 | 4816475 centerline
centerline's picture

Actually,  just to be more precise... US and London combined with many other nations to a lesser extent playing the game.

Mon, 06/02/2014 - 09:19 | 4816508 Oh regional Indian
Oh regional Indian's picture

Holy something or the other.

AnAnonymous is 8+ and 2 -  arrows......

We have clearly arrived at a major ZH tipping point!!!

That, or the Murikans are yet to wake up and engage!

 

Mon, 06/02/2014 - 09:26 | 4816525 centerline
centerline's picture

lol.  He might have just slipped a little!  Looks like he has since stepped his game back up.

Mon, 06/02/2014 - 09:31 | 4816533 Oh regional Indian
Oh regional Indian's picture

The fourth stooging clearly has not woken up yet! :-)

How goes your centering practise my friend?

Mon, 06/02/2014 - 09:53 | 4816572 centerline
centerline's picture

Is going.  One day at a time!

Mon, 06/02/2014 - 10:00 | 4816599 dontgoforit
dontgoforit's picture

We Americans just don't like being blamed for an administration without a clue.

Mon, 06/02/2014 - 11:28 | 4816864 TheFourthStooge-ing
TheFourthStooge-ing's picture

Oh regional Indian said:

The fourth stooging clearly has not woken up yet! :-)

Hey, not true, I've been awake for several hours now.

Besides, even though he has stated in the past many times that the red-green arrow thing is an 'american' affliction (probably has something to do with being part of a group, and for 'americans' the group is all) I still gave AnAnonymous a +1 up green arrow on his comment above.

When someone is correct, they are correct. Who they are is not a mattering thing.  :-)

Mon, 06/02/2014 - 09:30 | 4816531 Buckaroo Banzai
Buckaroo Banzai's picture

If he had left out the Zimbabwe non-sequitur, he might have gotten 100% green.

Strange days indeed.

Mon, 06/02/2014 - 10:15 | 4816662 AnAnonymous
AnAnonymous's picture

The Zimbabwe non sequitur?

What a strange way to put it. On this site, full of enlightened 'americans' and 'american' truth seekers, it was used to paint Zimbabwe as a cause of the financial crisis that started in 2008.

People are responsible for their words.

Uh, no, not 'americans'...

Mon, 06/02/2014 - 10:20 | 4816681 AnAnonymous
AnAnonymous's picture

There are new batch of 'americans' on this site. Considering the tension throughout the world, they are easily confused into thinking that 'americans' exclusively mean US American citizens (the big bad US of A) while 'americans' means of course the proponents of 'americanism', who are to be found in many places around the world.

As soon that new batch of 'americans' come to the realization that 'americans' do not mean exclusively US American citizens but mean people who support the 'american' mind, set of beliefs etc... they will downvote, as in a pavlovian reflex, because they know 'american' include them as well.

The way it works in an 'american' world: one might point fingers at anyone but 'americans' Every set of beliefs might be questioned but 'americanism'

People in power are people you cant speak of.

Mon, 06/02/2014 - 20:17 | 4818566 StychoKiller
StychoKiller's picture

Even a blind sow can find an acorn once in awhile.

Mon, 06/02/2014 - 08:53 | 4816438 SpanishGoop
SpanishGoop's picture

He you Americans do you know what you can do with your penalties, fines and sanctions (and add  TTIP to it) , stick them somewhere where the sun never shines.

 

Mon, 06/02/2014 - 09:03 | 4816470 gmrpeabody
gmrpeabody's picture

You are brutal... even for fight club.

Mon, 06/02/2014 - 09:06 | 4816479 NoDebt
NoDebt's picture

Everyone's grumpy when they first wake up (to the truth).  Let him have his coffee and he'll mellow out.

Mon, 06/02/2014 - 08:55 | 4816442 venturen
venturen's picture

As trade protect ampliied the great depression...criminal bank rackteering is going to bring about depression 2.0

Mon, 06/02/2014 - 09:19 | 4816511 Oh regional Indian
Oh regional Indian's picture

psssst...it's already ON like Donkey Dong!

Mon, 06/02/2014 - 08:56 | 4816446 forrestdweller
forrestdweller's picture

American goverment working side by side with american banks to rule the world.

Mon, 06/02/2014 - 08:56 | 4816447 cherry picker
cherry picker's picture

Would someone take Air Force One and the pen away from Obama, let him play golf and Kerry sit on his yacht before they start WW3 with their incompetence.

By the way, quit paying CIA, NSA and TSA.  Maybe that will set things right.

Mon, 06/02/2014 - 08:58 | 4816451 AnAnonymous
AnAnonymous's picture

'Americans' and the extension of the base: two french 'american' newspapers are quoted and that makes it the largest European newspapers.

Would be funny to see how it is dealt with by the other european press, that might actually welcome the US American move.

But, hey, for 'americans' the group is all and their group is big and their group is strong. Better that when you run a business of extorting the weak, farming the poor.

Mon, 06/02/2014 - 08:59 | 4816453 Whoa Dammit
Whoa Dammit's picture

I hear the country of Tuvalu (9 square miles, population 12,000) is still our staunch ally and friend so all is well in the geopolitical sphere.

Mon, 06/02/2014 - 09:00 | 4816461 Latitude25
Latitude25's picture

Tuvalu is supported by New Zealand.

Mon, 06/02/2014 - 08:59 | 4816454 Latitude25
Latitude25's picture

How can some dickhead political appointee in the US place fines on a foriegn bank?  Is there no such thing as sovereignty?

Mon, 06/02/2014 - 09:35 | 4816541 markar
markar's picture

Like other large  EU banks, BNP is a ward of the Fed. They do what their told in exchange for life support.

Mon, 06/02/2014 - 08:59 | 4816456 Smiley
Mon, 06/02/2014 - 09:00 | 4816458 Derezzed
Derezzed's picture

That will teach France that there is nothing to gain from playing US vassal and puppet. Let the Brits be their puddle "à la Blair", they fit that role perfectly

Mon, 06/02/2014 - 09:13 | 4816493 AnAnonymous
AnAnonymous's picture

That is the contrary. The 'american' french who owed their feeble independence in the 'american' world order to their african backyard, are catching up on their new status of fully integrated lieutnants to the ganglord, the US.

As another sign, an 'american' french car firm is being compelled by the US of A to stop selling cars to Iran (the amount of cars sold to Iran accounts for a sizeable share of their sales volumes)

Thing is that that 'american' french firm sells no car in the US so the US could not call for a boycoot to punish non aligned response to the demand.

These days are the days of 'americans' vs 'americans'.
'Americans' in order to ensure stability to their inconsistent societies relied on one trick: using other people (most of the times, the coloured) as a buffer to soak all the shit that comes out of an 'american' society. And that is a lot because, by nature, 'american' societies are very hostile.

Now the buffers are saturated and there is no other way than going against 'americans'.

Every single 'american' middle class that is trashed in France is room given to sustain the 'american' middle class in the US.

The way it works in an 'american' world.

Mon, 06/02/2014 - 09:04 | 4816472 hairball48
hairball48's picture

Who really gives a shit about a Frog bank, or any bank for that matter?

Fuck all the banksters.

Mon, 06/02/2014 - 09:12 | 4816488 Mabussur
Mabussur's picture

I know the answer to that !

It's short sighted assholes like yourself that cannot see that very few countries in the EU have the political and financial weight to shatter the american made union and by doing so delaying (or possibly denying) the US of the world hegemony it seeks. A case of don't shit where you eat.

Mon, 06/02/2014 - 09:13 | 4816490 Azannoth
Azannoth's picture

This is nothing else that Monkeys throwing Shit at each other .. I say let them throw.

Mon, 06/02/2014 - 09:06 | 4816478 AnAnonymous
AnAnonymous's picture

The case: very annoying for 'americans' who like to foresee the end of the USD in a near future.

The case settles the hegemony of the USD by all means.

The french american bank is guilty of one thing: having used the USD in as their transaction vehicle.

That is the only thing.

They ran no operation from their US branches, making them impervious to US laws.

They contravened to no international laws.

So what is the angle? The use of the USD as the money is the exclusive monopoly of the US of A, the mecca of 'americanism' on Earth.
As the US of A middle class own the USD, they can dictate what users of the USD do with it.
People using the USD are legitimate recipients for legal actions initiated by the US of A.

It runs how deeply entrenched the status of the USD as the world reserve currency is and the failure the Euro has been.

Mon, 06/02/2014 - 09:31 | 4816534 TeamDepends
TeamDepends's picture

The USD has absolutely nothing to do the American middle class (other than the fact that they busted their asses for generations working for it to build the greatest economic engine the world has ever known), and everything to do with Bretton Woods, Kissinger, and the City Of London.  Really tired of your 'americans' this and that BULLSHIT.  Which enlightened fiefdom, free from central bank influence, do you represent?

Mon, 06/02/2014 - 10:23 | 4816691 AnAnonymous
AnAnonymous's picture

I, for myself, must represent a group as for 'americans', the group is all. People coming with no group attached are a mind killer for 'americans'.

Of course, the USD has all to do with the 'american' middle class. The USD has been a major tool in the massive theft to enrich the 'american' middle class.

The USD works to the benefit of the 'american' middle class first and all.

Mon, 06/02/2014 - 10:36 | 4816723 TeamDepends
TeamDepends's picture

Wrong!  Are you sure you're on the correct website?  Every article on ZH, in one way or another, documents the complete and utter destruction of the US middle class over the last several decades.  Also, stop making blanket generalizations about 'americans'.

Mon, 06/02/2014 - 11:01 | 4816787 AnAnonymous
AnAnonymous's picture

Of course I am on the correct website.

'Americans' usually share a dream: becoming a faithful servant to the 'american' middle class because when it happens, the 'american' middle class rewards his servants with wealth, power etc...

This site obeys to the same dream: serving the 'american' middle class and will keep pushing articles after articles to try and seduce the 'american' middle class.

What utter destruction of the 'american' middle class?

The 'american' middle class are overpopulating the world. There is no other way now than a reduction of the 'american' middle class all over the world.

For the 'american' middle class to endure, part of it must be sacrificed.

This is what is happening in the case reported by the article.

The French 'american' middle class is sacrificed so that in other places in the world, like the US, the 'american' middle class can survive.

The way it works in an 'american' world.

Mon, 06/02/2014 - 09:07 | 4816480 Took Red Pill
Took Red Pill's picture

WOW and I thought W's foreign policy was bad. Not only are we destroying the relationship with Russia and China, but making enemies of our allies like Germany & France. Between the NSA spying and the printing presses running full steam, we are losing friends quickly and isolating ourselves from the rest of the world.

Mon, 06/02/2014 - 09:16 | 4816503 AnAnonymous
AnAnonymous's picture

'Americans' know no allies.

Allies are a concept that has no room in an 'american' world and that belongs to previous orders.

There is only one way to save the 'american' middle class: by sacrifying part of it so that the remaining part endures.

And the 'american' middle class is not to be found in the likes of Angola or Bhutan.

It is found in 'american' countries. The longer established, the bigger the 'american' middle class.

Mon, 06/02/2014 - 10:01 | 4816602 Whatchamacallit
Whatchamacallit's picture

America doesn't have allies. It has "vassals" (as Brzezinsky said.)

Mon, 06/02/2014 - 10:25 | 4816696 AnAnonymous
AnAnonymous's picture

A vassal might be an ally.

Nope, 'americans' know for the most part only one kind of relationship: waiting for being screwed over.

It is very similar to the criminal mindset, gang mindset. You are not screwed up because you have not been screwed up yet.

So if you do not want it to happen to you, find someone else to push under the car. Fast.

Better them than you.

The way it works in an 'american' world.

Mon, 06/02/2014 - 15:18 | 4817672 theprofromdover
theprofromdover's picture

Exactly, and it don't have no property rights neither.

We are back in the days of the old frontier. The biggest rancher runs the law.

Mon, 06/02/2014 - 09:18 | 4816507 Took Red Pill
Took Red Pill's picture

Wait until our "friends"  find out we don't have their gold anymore!

Mon, 06/02/2014 - 11:48 | 4816947 Manipulism
Manipulism's picture

Germans are not your alies.

They are prisoners of war and poodles.

Mon, 06/02/2014 - 09:10 | 4816487 Peter Pan
Peter Pan's picture

What readers also need to know is that the US is also pressuring France not to honour a contract they have with Russia for the supply of 2 helicopter assault ships worth about $2 billion.

Then again this is what happens when you have Hollande at the helm instead of a deGaulle.

Gone are the days when deGaulle demanded gold in exchange for US dollars and would send the French navy to take delivery.

The truly telling thing is that when you see an ally bullying another weaker ally, then you know that as an ally you don't count at all. You are just an underling wearing the uniform they hand you.

Mon, 06/02/2014 - 09:14 | 4816498 Jumbotron
Jumbotron's picture

".....newly elected National Front party called on the French government to "defend the national interest" in the case."

 

All wars are bankers' wars.

Mon, 06/02/2014 - 09:28 | 4816527 centerline
centerline's picture

And as yield dries up - and counterparty exposure moves center stage - it is getting uglier each day.  The makings for WWIII have been raging for years now in international finance.

Mon, 06/02/2014 - 11:19 | 4816839 Emergency Ward
Emergency Ward's picture

"Africa belongs to France and its glorious military!"

"NO, we will sanction your banks, Africa belongs to America!"

Mon, 06/02/2014 - 09:24 | 4816518 orangegeek
orangegeek's picture

France will be learning German very soon.

Mon, 06/02/2014 - 11:27 | 4816853 FeralSerf
FeralSerf's picture

Not necessary -- more Germans can speak French than French can speak anything but French. The Germans often seem eager to show off their linguistic abilities as a means of demonstrating their superiority.

Mon, 06/02/2014 - 09:38 | 4816543 Quinvarius
Quinvarius's picture

The USA is such a bunch of amateur finger pointing chodes.  Just fix our problems for once.  The US banks are a total crock of shit fraud.  Jamie and Lloyd have to go to jail.  The DOJ and Obama can be the ones that do it or the next guy can do the job for them.  They are protecting nothing but continued failure.

Mon, 06/02/2014 - 09:41 | 4816553 junction
junction's picture

Wall Street kingpins have never forgiven BNP Paribas for being the first large bank to publicly question the value of American mortgage backed securities (MBS).  If not for BNP Paribas' actions in effectively downvaluing to zero these derivatives (unsellable), Wall Street could have continued issuing these bogus derivatives for another year.  Wall Street insiders who made billions off algorithm generated derivatives still have the money they made off these MBS derivatives, but they could have made even more if not for BNP Paribas' honest accountants. 

Mon, 06/02/2014 - 09:43 | 4816560 Peter Pan
Peter Pan's picture

That's very interesting. Do you have a link?

Mon, 06/02/2014 - 09:42 | 4816554 shovelhead
shovelhead's picture

"We shall be avenged...Break out the bagettes!"

 

bread helmets optional.

Mon, 06/02/2014 - 09:57 | 4816588 shovelhead
shovelhead's picture

Le Figaro newspaper said the U.S. was making an example of BNP to deflect criticism it had been “lenient with the American banks responsible for the financial crisis.”

Way off the mark. If anything, it HIGHLIGHTS the double standard of bank prosecutions.

Holder is the beat cop who steps over the bodies of the St. Valentines Day Masscre to hand out a jay-walking ticket and expects a Cop of the Year Award.

It's facepalm comical.

Mon, 06/02/2014 - 09:58 | 4816591 falga
falga's picture

Got an idea!! Why doesn't BNP pay the penalty to Russia as payment for the natural gas Ukraine will surely need this winter and then deliver the French helicopter carriers to Russia in exchange for the same payment. Then pay, the actual penalty money the US wants. Everyone will be happy then...

Mon, 06/02/2014 - 10:21 | 4816685 ndree
ndree's picture

My thought has been that this was a penalty to the French for insiting on going through with the sale of the carriers to Russia anyway/

Mon, 06/02/2014 - 10:05 | 4816615 daemon
daemon's picture

" “The United States can’t treat its allies like this.” "

Obama:  " Yes, we can ! "

Mon, 06/02/2014 - 10:11 | 4816640 junction
junction's picture

The informant who contacted the Manhattan DA about BNP is almost certainly a fiction created to hide the fact that the NSA's Prism global wiretapping program uncovered the BNP trades.  In the same way that Prism was the source of so many anonymous tips the DEA used to arrest people for transporting drugs by car and, also, the Prism tip that caused the FBI to renew its lapsed wiretap warrant on then Governor Spitzer.  That Prism tip on Spitzer is why acting U.S. Attorney Michael Garcia did not prosecute Spitzer for money laundering (a bogus charge anyway) and the real reason why the Second Circuit Court of Appeals is refusing to unseal Spitzer's wiretap warrant.   

Bloomberg: "Authorities in the U.S. first heard about possible wrongdoing by BNP around 2007, when an informant contacted the Manhattan District Attorney’s office, according to two people with knowledge of the probe who asked not to be identified because the matter is private."

Mon, 06/02/2014 - 10:14 | 4816657 RaceToTheBottom
RaceToTheBottom's picture

Well, I don't know about you, but penalizing a French bank certainly removes any pressure I feel for penalizing US Banksters....

Mon, 06/02/2014 - 10:48 | 4816750 tony wilson
tony wilson's picture

france is strong

holland is are nob poleon

we kill der mali africun

cos we can

 

zis american outrages vill not stand no

wees did whats we was rothschild told and now zis

insults sacla bleur

Mon, 06/02/2014 - 11:29 | 4816871 FeralSerf
FeralSerf's picture

It's really not so much a fine as it is a tax.

Mon, 06/02/2014 - 11:42 | 4816884 Chuck Knoblauch
Chuck Knoblauch's picture

France is probably going to pay this fine in USD$.

A great way to spark demand for USD$, isn't it.

Though, not very creative.

From the mind and imagination of thugs over at the Federal Reserve.

There must be a lot of dirty money moving through France.

From/to the US? From/to France? From/to Israel?

 

 

Mon, 06/02/2014 - 11:47 | 4816944 Telemakhos
Telemakhos's picture

Wow, the anti-American sentiment is raging so strongly that people are blind to the other story here:

newly elected National Front party called on the French government to "defend the national interest"

Banksters' interests are now "the national interest" for France, according to the FN.  The bankers have the government and the various political parties including Hollande's Socialists, the UMP, and the FN trying to get them out of trouble without BNP having to pay enough to harm dividends or banker bonuses.

The FT has some better quotes on this:

“BNP will probably propose to skip the 2014 dividend as a simple way to mitigate the damage,” said Jean-Pierre Lambert, analyst at Keefe, Bruyette & Woods. “This would not be popular with investors, many of whom are dividend orientated.”

He added that it could also lead to BNP cutting the bonus pool for investment bankers and considering raising fresh capital. 

Oh noes!  No moar bonuseseses!  Or will France recapitalize BNP to prevent the bankers from losing their bonus?  The real story here is the depth to which private banking is entwined with "national interest" and the lengths to which politicians will go to shelter the banks.  Also, that "orientated" is now apparently a word.

Mon, 06/02/2014 - 12:04 | 4817016 Apeman
Apeman's picture

Time for European countries to start going after American banks then. Unfortunately, the gutless pussies won't dare. Too busy sucking the US nutsack.

Mon, 06/02/2014 - 13:03 | 4817248 TNTARG
TNTARG's picture

Gimme a break!

 http://www.ft.com/cms/s/0/82abedce-b4da-11e3-9166-00144feabdc0.html#ixzz33VC5emNc

Washington is “bullying” UK banks into refusing to support legal exports to Iran, costing British companies hundreds of millions of pounds in lost sales, senior politicians claimed at Westminster on Wednesday.

While US exports to Iran have been rising, Washington is suspected by British parliamentarians of using extraterritorial threats to hinder UK companies wanting to legally export food, pharmaceuticals and medical devices to Iran.

(...)

US export data shows sales of US goods to Iran rose from $211m in 2010 to $313m in 2013. British exports of goods have fallen steadily every year since 2007 from $802m to $159m in 2012.

Mon, 06/02/2014 - 13:05 | 4817252 goldhedge
goldhedge's picture

The French should sell a 3rd Mistral Class LPD to the Ruskies.

"Take that Obozo".

Mon, 06/02/2014 - 13:33 | 4817373 Telemakhos
Telemakhos's picture

I doubt the Russians want a third French-built Mistral.  They only wanted the first two so that they could (a) reach a deal to build the next two or three themselves and (b) enter into an arms deal with a NATO country, which is a major milestone for them and something of a blow to US pride.  The ships themselves aren't worth much to the Russians: the engines run a different grade of diesel than the rest of the Russian navy, they can't operate in temperatures characteristic of Russian ports, and they're really not useful for much except invading Africa, which the Russians aren't planning on doing.  The ships are, however, at least ten years ahead of Russian naval technology, and it's the technology transfer that's worth it to the Russians: once they know how to build these ships, they should be able to build much better, native ships that are more suited to their real interests.  The problem is that the Russians don't seem able to keep up as it is: they were supposed to build part of the first Mistral themselves to learn some of the tech, but the Russian shipyard couldn't handle the job.

Mon, 06/02/2014 - 13:36 | 4817379 barre-de-rire
barre-de-rire's picture

you, americans, are top notch to kill you own presidents... so what the fuck  you wait to shoot your ooba-ooba...

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