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?