Chairman's Blog

05-29-2014

BNP Paribas > $ 10,000,000,000




































My Orchids. Phalaneopsis "Lys de France". Photo ET

BNP Paribas > $ 10,000,000,000

In an article today, the Wall Street Journal carries a lengthy report about BNP Paribas’ problems with the US Justice Department and regulators. It is an elaboration on former news, where the bank faces allegations of doing business with sanctioned entities, such as Iran or Cuba. In the time frame of 2 months, expectations about possible fines went from $1.1 billion, to $ 5 billion to now more than $10 billion. That is $ 10,000,000,000. The bank is expected to withstand that shock.

It is not clear yet if criminal charges or a guilty plea are considered. Though the mood is leaning more towards tougher punishments, and critics have coined the expression “too big to jail”, playing on the other idiomatic expression “too big to fail”.

The WSJ also reproduces the following graph of the most important fines financial institutions incurred for violating the OFAC sanctions list or other money laundering provisions:
























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Chairman Mr. Thein BlogEgide Thein

I'm Founder and Chairman of Truth Technologies, Inc., a Vienna, VA based company providing anti money laundering and anti fraud solutions to the financial industry (www.truthtechnologies.com).

I was General Representative for the Americas for Banque et Caisse d'Epargne de l'Etat, Luxembourg (1995-2005). I was Consul General of Luxembourg in New York and Director of the Luxembourg Board of Economic Development (1989-1995). I served as spokesman to the U.N. for the European Economic Communities at the 1991 reconvened General Assembly. I was Chief of Staff of Crown Prince Henri of Luxembourg, now Grand the Duke (1975-1989) and served with the Luxembourg Armed Forces and with Allied Mobile Force of NATO (1969-1975).

I graduated from Ecole Royale Militaire, Brussels, Belgium (1964-1969) and from the U.S. Defense Information School (Public Affairs Officer 1983).

I'm trustee emeritus of Sacred Heart University, Fairfield, CT. I'm Founder of the Luxembourg-American Chamber of Commerce and of the Luxembourg Business Journal.

I founded David's Farms, a charity supporting the autistic and developmentally disabled.

I speak fluently Luxembourgish, French, German and English.