France takes U.S. to task over BNP Paribas fine

Comments (15)
rts18202 wrote:

They are French, they can do no wrong. I guess the French government wants a fine that is proportionate with the importance of France on the world stage …I suppose that would be about $15-18 dollars.

Jun 03, 2014 2:29am EDT  --  Report as abuse
hariknaidu wrote:

In Court of International Law this (unilateral) claim by US Treasury cannot stand consideration principally because such actions are not based on customary international law – but unilateral US sanctions not ratified or voted by UNSC. Only then they carry the force of statutory international law.

Jun 03, 2014 5:19am EDT  --  Report as abuse
hariknaidu wrote:

In Court of International Law this (unilateral) claim by US Treasury cannot stand consideration principally because such actions are not based on customary international law – but unilateral US sanctions not ratified or voted by UNSC. Only then they carry the force of statutory international law.

Jun 03, 2014 5:19am EDT  --  Report as abuse
builder7 wrote:

So it seems that this bank was complying with the wishes of their wealthy clients to not divulge information, or they figured that out themselves. It claims that they made mistakes because their control systems were out of whack – so why do they pay the controller so much? How about his boss – the CFO and CEO? It is kind of weird though that the US has decided to find this bank so much when it didn’t fine American banks near as much! Of course, banks caused the great recession and that cost Trillions, so maybe 10 billion is not that much!

Jun 03, 2014 5:56am EDT  --  Report as abuse
blanddragon wrote:

Screw the EU. You are all too busy pretending you’re a union to be taken seriously and France needs to STFU crybabies.

Jun 03, 2014 6:36am EDT  --  Report as abuse
smirkingman wrote:

One of your nationals cheats on his taxes; it’s hard and costly to prove and you can only fine him for what he’s worth. On the other hand, his bank is a very rich sitting duck, much easier to grab a pile of money there.

This whole tax evasion and fines business has nothing to do with morality or law, it’s simply an expedient way for ths USA to appropriate a lot of funds from other countries.

You don’t like a 10B$ fine? Fine, we’ll rescind your banking license. The big mistake all these banks made was to setup shop in the USA.

Jun 03, 2014 6:58am EDT  --  Report as abuse
lysergic wrote:

DON’T DO THE CRIME IF YOU CAN’T PAY THE FINE

Jun 03, 2014 11:28am EDT  --  Report as abuse
njglea wrote:

“These figures are not reasonable.” Wrong, Mr. Fabius. The top officials at the bank should be in prison for multi-billions of illegal money they made from trading with Iran, Syria and Sudan through American monetary channels. They can use another system if they want to endanger American, French and other western lives by supporting those regimes.

Jun 03, 2014 11:38am EDT  --  Report as abuse
franceexpat wrote:

normandy is not in western france

Jun 03, 2014 11:49am EDT  --  Report as abuse
franceexpat wrote:

um Obama is going to normandy which is NOT in western France. hope he finds his way as this article is as stupid as can be

Jun 03, 2014 11:54am EDT  --  Report as abuse
paintcan wrote:

hariknaidu – good comment and it’s not even the Federal Government but a state government that will pocket the fines.

Even if NYC is one of the largest cities in the country it has something of a small town mentality. All the folks at the top tend to go to the same social events and know the locations of each other’s penthouses. The other banks in NYC may resent the international competition?

Not everyone in the world agrees with US foreign policy. I also wonder if, in as much as France wanted to bomb Syria, there isn’t an element of “no France, you can’t bomb them first, we want to bomb them first because we have to be seen as the most forceful power” ???

@smirkingman – and if the USA (or it’s Empire state) gets too nasty with foreign bankers and withholds the right to clear dollar transactions, there are competitive currencies eager to take the dollar’s place. The two continents of North and South America only contain about 3/4 billion people. The rest of the world’s 6 billion plus change purses, wallets and bank accounts could establish a reserve currency closer to home and do without our inflated posturing and egregious fines.

In real estate the phrase is “location, location, location” and the busiest location, with the highest growth rates, is definitely over there with the rest of 6 plus billion. They also seem to get more mileage out of the money they spend.

Jun 03, 2014 11:55am EDT  --  Report as abuse
Bugzy wrote:

The USA is clearly acting arrogantly and we all know how the once mighty British empire crumbled. Thread softly and learn from the mistakes of the past. E.U is weak and almost all it’s leaders are weak too but the E.U will wake and see sense soon.

Jun 03, 2014 1:06pm EDT  --  Report as abuse
bbazz wrote:

When a company (including banks) do business in a country they abide by that country’s rules, laws, fines etc. Google has had to adapt to European ideals to continue to do business in Europe.

No country needs another bank. We all have had just about enough of all of them. But a bank that knowingly broke the law in your country endangering lives of your citizens and supporting terrorists and unfriendly regimes – what is your solution – in your country? A slap on the hand? I doubt it.

Jun 03, 2014 6:33pm EDT  --  Report as abuse
freeokinawa wrote:

Another French Freedom Fries in the making.

Jun 03, 2014 6:42pm EDT  --  Report as abuse
eyd wrote:

1. How much money did the bank launder over that period of time?
2. How much money did the bank make in profits?
3. Does the French government dispute the facts or do they oppose the sanctions? Are they on record as such?
4. Unfortunately for BNP Paribas, if they operate in New York they are subject to their laws. We all have to pay the taxes when we visit NYC, even though we don’t like it.
5. If a law was broken for multiple years, extend the payment of the fine over a similar number of years. If the goose that laid the golden egg is dead, there won’t be any more eggs.
6. Be transparent. Tell us who did what and how much so we get a sense of the injustice.
7. If you didn’t fine American banks for similar trespasses why is it fair or legal to fine the French?
Hopefully the Obama administration knows the answers and will proceed accordingly. But I am not certain that they know or will act accordingly.

Jun 03, 2014 9:24pm EDT  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.