NY Times: Criminal Charges Are Finally In The Wings for Big Banks
Moneynews.com
By John Morgan
Federal prosecutors are preparing criminal charges against two of the world’s mega-banks that could yield the first criminal guilty plea from a major bank in more than 20 years, The New York Times reported.
Neither of the banks cited by the Times is a U.S. bank. The charges focus on Switzerland’s Credit Suisse for its practices in offering tax shelters to Americans, and on France’s largest bank, BNP Paribas, over doing business with nations like Sudan and Iran that the U.S. has blacklisted, according to the Times.
“The approach applies to American banks, though those investigations are at an earlier stage,” the Times said.
The newspaper reported that the probes, being conducted simultaneously by a range of government agencies, means prosecutors are “confronting the popular belief that Wall Street institutions have grown so important to the economy that they cannot be charged.”
“A lack of criminal prosecutions of banks and their leaders fueled a public outcry over the perception that Wall Street giants are ‘too big to jail.’”
According to the Times account, any guilty pleas would apparently come from the banks themselves or their subsidiaries — there was no mention that any individual banker might be charged.
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