Skip to comments.US Taxpayer "Bailed Out" BNP Paribas Probed By DoJ & Fed On Sudan, Iran, Libya Deals
Posted on 02/13/2014 11:24:58 AM PST by Nachum
TARP Recipient BNP Paribas got $4.9bn of bailouts from the U.S. Taxpayer - Today, as the WSJ reports we learn BNP Paribas has been funding transactions in Iran, Syria and other countries subject to U.S. Sanctions since 2002. The bank set aside $1.1 billion to settle investigations by the Department of Justice and the Federal Reserve but as the NY Times reports, investigations are playing out on multiple fronts - centering on whether the firm did "a significant amount" of business in "blacklisted" countires (and routed the deals through the US financial system).
...an internal probe conducted over the past few years "a significant volume of transactions" between 2002 and 2009 that could be "considered impermissible under U.S. laws and regulations... involving entities that were doing business in U.S.-sanctioned countries, such as Iran, Cuba, Sudan and Libya during the 2002 to 2009 period.
BNP Paribas SA on Thursday became the latest bank to disclose the extent of its litigation problems in the U.S., saying it has set aside $1.1 billion against potential penalties related to transactions in countries under sanctions...
In most cases, BNP provided dollar-denominated financing to companies, both French and non-French...
BNP is a major provider of export financing for the oil and mining industry...
The transactions didn't necessarily get routed through BNP units in the U.S. Yet, the U.S. is asserting jurisdiction simply by claiming that its currency was involved...
Via NY Times,
The problem could worsen, as the American authorities might ultimately assess fines higher than $1.1 billion. The bank said that there had not yet been any discussions about the size or timing of any penalties, so the $1.1 billion provision essentially amounted to a guess.
(Excerpt) Read more at zerohedge.com ...
Who's in your wallet?
Turtle on a fence post.
Yeppers... 5 bankers in the last MONTH. Somethings up.
Isn’t a “Taxpayer Bailout” really a taxpayer bailout of Obamanation incompetence, and mismanagement?
How much does Soros own in Paribas?
I'd argue that from LBJ forward, they all have an equal share in incompetence, and mismanagement. Even Reagan was going to eliminate the Dept of Education, and passed the immigration bill to end all illegal immigration. I would give him a pass as the executive, but his congress would not let him accomplish all his goals. He had to pick and choose wisely.
the same bank has been involved in a number of other international financial scandals more than once in the past, if my memory is correct