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BNP and Hollande should be thankful it's only $10B

  • Pushing back against French disgust over the possible $10B fine to be levied against BNP Paribas (BNPQF +0.6%), sources at Justice let leak to Reuters that they initially wanted a $16B penalty.
  • To put the $10B in perspective, BNP earned about $11.2B last year, and getting a $2B slice of that $10B will be the NY State Dept. of Financial Services, whose annual budget is $552M. BNP has reserved $1.1B against the fine.
  • Forgetting the Hollande government for a moment, bank executives are no doubt looking on in alarm at these massive fines being tossed about like nickels and dimes. "I think everyone realizes that it's an exuberant market," says a defense lawyer who has been involved in settlements with the DOJ. Maybe the banks should just take their chances at trial?
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Comments (3)
  • june1234
    , contributor
    Comments (2626) | Send Message
     
    Probably but when your sitting on a 14% approval rating like Holland is you're not in a thankful mood.
    6 Jun, 10:43 AM Reply Like
  • Ludo5312
    , contributor
    Comments (96) | Send Message
     
    This is completely unrelated to Mr. Hollande's approval rate. This has to do with justice and more specific a perceived form of justice. May I suggest you re-read the third paragraph of the above article?
    6 Jun, 11:15 AM Reply Like
  • jmjjmj1
    , contributor
    Comments (161) | Send Message
     
    Love for the banks to go to trial, perhaps someone would end up in jail on RICO charges. We could start with the FED then Dimon.
    6 Jun, 12:28 PM Reply Like
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