BNP pleads guilty, to pay $8.8 bln fine
- 10 years ago
You do the crime, you pay the fine.
BNP is paying up $8.83 billion, which is pretty close to all of the bank's pre-tax profit last year.
This is more than just a slap on the wrist, says Columbia University Business Law Professor John Coffee.
SOUNDBITE: JOHN COFFEE, BUSINESS LAW PROFESSOR, COLUMBIA UNIVERSITY (ENGLISH) SAYING:
"This is probably the most complete settlement yet. It shows the new style of U.S. enforcers. Not only is the corporation paying a record fine for a European bank - just under $9 billion, but in addition it is pleading guilty to a felony. That's something other banks like HSBC and Royal Bank of Scotland escaped last year, when their own misconduct was probably more serious."
BNP's crime - helping Iran, Sudan and Cuba go around U.S. sanctions for eight years.
U.S. Attorney General Eric Holder:
SOUNDBITE: U.S. ATTORNEY GENERAL ERIC HOLDER (ENGLISH) SAYING:
"Banks thinking about conducting business in violation of Uni
BNP is paying up $8.83 billion, which is pretty close to all of the bank's pre-tax profit last year.
This is more than just a slap on the wrist, says Columbia University Business Law Professor John Coffee.
SOUNDBITE: JOHN COFFEE, BUSINESS LAW PROFESSOR, COLUMBIA UNIVERSITY (ENGLISH) SAYING:
"This is probably the most complete settlement yet. It shows the new style of U.S. enforcers. Not only is the corporation paying a record fine for a European bank - just under $9 billion, but in addition it is pleading guilty to a felony. That's something other banks like HSBC and Royal Bank of Scotland escaped last year, when their own misconduct was probably more serious."
BNP's crime - helping Iran, Sudan and Cuba go around U.S. sanctions for eight years.
U.S. Attorney General Eric Holder:
SOUNDBITE: U.S. ATTORNEY GENERAL ERIC HOLDER (ENGLISH) SAYING:
"Banks thinking about conducting business in violation of Uni