My Orchids. Phalaneopsis "Lys de France". Photo ET
BNP Paribas > $ 10,000,000,000
In an article today, the Wall Street Journal carries
a lengthy report about BNP Paribas’ problems with the US Justice Department and
regulators. It is an elaboration on former news, where the bank faces
allegations of doing business with sanctioned entities, such as Iran or Cuba.
In the time frame of 2 months, expectations about possible fines went from $1.1
billion, to $ 5 billion to now more than $10 billion. That is $ 10,000,000,000.
The bank is expected to withstand that shock.
It is not clear yet if criminal charges or a guilty
plea are considered. Though the mood is leaning more towards tougher punishments,
and critics have coined the expression “too big to jail”, playing on the other
idiomatic expression “too big to fail”.
The WSJ also reproduces the following graph of the
most important fines financial institutions incurred for violating the OFAC
sanctions list or other money laundering provisions:
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