The US Justice Department recently announced they are seeking a $10BN fine for BNP Paribas.
http://www.theguardian.com/business/nils-pratley-on-finance/2014/jun/03/laurent-fabius-right-over-bnp-paribas-fine
Needless to say, they are a bit pissed.
What do you think, too much or deserved?
http://www.theguardian.com/business/nils-pratley-on-finance/2014/jun/03/laurent-fabius-right-over-bnp-paribas-fine
Needless to say, they are a bit pissed.
What do you think, too much or deserved?
I don't know exactly what the fine is for, but because it is a big bank I'm just going to go ahead and say, I don't think its enough.
ReplyDeleteI agree with Mark...
ReplyDeleteOn a more serious note, I think US regulators are just frustrated that a French economist wrote a better book than any American economist could, so they're taking their anger out on the French in whatever way they can.
First, I agree that $10bn is not enough. News and media should put numbers in perspectives: fine as a percentage of profits and in relation to similar cases in the past. Putting a number out there and say it's a big fine is like lazy work. More seriously, the lack of perspectives and explanation further distance people without much financial background from the conversation.
ReplyDeleteOn Joe's comment, yeah economics and politics go hand in hand.