Tuesday, April 29, 2014

BNP Paribas and Credit Suisse Reported as Targets for Criminal Prosecution (4/29/14)

It is reported that prosecutors are pushing to indict two banks -- BNP Paribas and Credit Suisse.  Ben Protess and Jessica Silver-Greenberg, U.S. Close to Bringing Criminal Charges Against Big Banks (NYT DealBook 4/29/14), here.  The focus of the investigation is not the current offshore bank brouhaha, where banks (including Credit Suisse) assisted U.S. persons hiding money for tax purposes.  Rather, they relate in BNP Paribas' case to dealing with blacklisted countries and in Credit Suisse's case for its tax shelter activities.

I won't excerpt or summarize the article.  I encourage those interest to read it.  Some fascinating detail.


  1. Unlikely to endear us to the French or Swiss authorities, especially since JPM and especially HSBC got off without an indictment. Also, hard to tell whether the severity of these particular offences warrants harsher punishment than what others have done or if this is simply a case of bad behavior plus bad timing.

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