In May Credit Suisse pleaded guilty to criminal wrongdoing - a rarity - for its work helping taxpayers hide assets in offshore accounts. The article also reported that BNP Paribas was also very likely to plead guilty to criminal charges and further that it was likely that real people would also be charged.
Well, the news is in re BNP and, surprise, no one is charged. The bank simply has to pay $8.9 billion despite this statement by the assistant district attorney in Manhattan, “This conspiracy was known and condoned at the highest levels of BNP”. There is still no incentive for bankers to change their habits.
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