As usual, no executives were charged or even fined, although thanks to the intervention of New York financial services superintendent Benjamin Lawsky, eleven employees of the French bank lost their jobs.
BNP Paribas Fine Shows Financial Crime Still Pays Big Time
Professor Black points out even though the level of the fine sounds impressive, by definition, it could never be large enough to threaten the health of a too-big-to-fail bank.
“System is So Flawed That Fraud is Mathematically Guaranteed”
-William K. Black
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