French Pickle
Hollande’s Top Priority: Save BNP
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  • Aaron M. Renn

    Credit Suisse pleads guilty. HSBC fined for money laundering. BNP next. Notice the trend? No American based banks. American banks get off with a slap on the wrist civil penalty not admitting guilt (and no prosecutions of executives over the crisis despite vast lawbreaking), which despite some of the headline numbers being large, actually amounts to less than the subsidies and bailouts they are getting from the Fed. Looks like industrial policy by other means to me.

    • PKCasimir

      During the five years ending in October 2013, 5 US banks (BofA, JPMorgan, Wells Fargo, Citigroup, Goldman Sachs) have been fined a total of almost $100 billion in 81 settlements for various banking activities.

      • f1b0nacc1

        Shhhhhhhh….don’t confuse him with facts

        • Curious Mayhem

          Yes, but he’s right that there have been no criminal charges against US banks. It would be hard to do: during the mortgage bubble, they were doing, in essence, Congress’ will and making a lot of money while at it.

          That’s why the main subprime lending sharks were let off with non-prosecution protection, and the civil charges have been brought against the deep-pocketed large banks, which, for the most part, were not responsible for originating the bad lending, no matter what the media says (although the large banks did play an important indirect enabling role, as did Fannie and Freddie).

          And they’re only civil charges. The point isn’t they did something criminal in the mortgage boom — for the most part, they didn’t — it’s that they have a lot of money and can be hit up for it. No point in bringing civil cases against the bankrupt.

          • PKCasimir

            Let’s see now, there were only civil charges against US banks because they couldn’t find any criminal activity. So what are they supposed to do? Make up criminal charges?
            The Swiss Banks were actively engaged in criminal activity and were caught red-handed.
            In addition, Swiss banks have been engaged in world-wide criminal activity for over a century, just ask, for example, the Jewish victims of the Nazis from whom the Swiss bankers stole their life savings under the guise of protecting family fortunes. Rarely acknowledged is that all of those tyrants, genocidal maniacs, drug dealers, etc. who hid their money in Swiss bank accounts did so with the understanding that they would receive no interest nor profits on their accounts. In essence, they were allowed to hide their ill-gotten gains and the Swiss bankers used the accounts as collateral to make enormous profits. There are few beings in the world as loathsome as Swiss bankers.

  • Jacksonian_Libertarian

    “Looking ahead, however, it makes sense for both the U.S. and the EU to look at how they can better harmonize their laws and regulations.”

    I completely disagree, having them compete with each other, is the only way to protect the people from their predation. When Government Monopolies collude it’s the people who suffer from the compliance costs, taxes, and new invasive regulations which can no longer be gotten around by going elsewhere.

  • circleglider

    At its best, this system works extremely
    well and contributes to France’s high standard of living and its
    consistent ability to make products that are famous worldwide. Americans sometimes underestimate how effective a centralized system can be in a medium-sized country like France…

    You’ve got to be kidding.Central planning doesn’t work for anyone, anywhere and at any size except for the central planners — who are the “small and tightly-knit group of national leaders who move between government and large industrial and financial companies.” France would be a far wealthier and more prosperous nation with far greater equality if its economy was less encumbered by hopelessly inept rule of the énarques of the Ecole Nationale d’Administration.Whatever happened to inevitable decline of Mead’s Blue Social Model? Or is the new crop of interns so filled with admiration (or envy) for their elite French brethren that they cannot hide their desire to see the same system (e.g., Progressivism) strengthened here in the US?

    Nevertheless, the U.S. has a special
    responsibility for defending the integrity of the international economic
    system and the geopolitical foundations that sustain it, and the French
    penchant for undercutting U.S. sanctions and diplomacy for special
    advantage is not something the U.S. is obliged, morally or legally, to
    indulge.

    Wow! Just wow.So it’s OK for the US to engage in mercantilism because we were anointed with “a special responsibility” while France and the rest of Europe can just shove it. The childishness of this perspective just screams from the screen. Someone needs to spend some time in the real world.

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