Daily chart: Fine times

Posted: July 4, 2014 in economy
Tags: , ,

THE French bank BNP Paribas was smacked with a record fine of almost $9 billion for violating American sanctions this week, for processing transactions with clients in Cuba, Iran and Sudan. The amount is almost $2 billion more than its total profits last year—and a staggering sum compared with the relatively meagre $667m that Standard Chartered, a British bank, paid in 2012 for similar offenses, albeit on a smaller scale. Yet BNP’s hefty fine isn’t the largest amount that a bank has had to cough up for misdeeds. That title goes to JPMorgan Chase, which paid $13 billion last October for shoddy mortgage-backed securities that it sold prior to the financial crisis. But the most expensive string of sanctions and settlements goes to Bank of America, which not only appears four times on the top-ten league table for its mortgage-related practises, but has been stung by a long-tail of other fines, like LIBOR rigging. Since the financial crisis American authorities have collected more than $120 billion, according to data compiled by the Financial Times. Read our leader and article on BNP’s woes.
Comment Expiry Date: 

Sat, 2014-07-19

via Economic Crisis http://ift.tt/1jQFLfZ

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