They basically wouldn't be allowed to handle dollars for a - Fotografer Pre Wedding Pernikahan Surabaya Sidoarjo Gresik Murah They basically wouldn't be allowed to handle dollars for a - Fotografer Pre Wedding Pernikahan Surabaya Sidoarjo Gresik Murah
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They basically wouldn’t be allowed to handle dollars for a

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Regulators Debate Effective Punishments For Guilty Banks

canada goose outlet uk And a lot of major banks have been getting into trouble lately tax evasion, money laundering, foreclosure, fraud added to that list this week, sanctions violations. Justice Department that it handled billions of dollars in trades with Sudan. That’s against the rules. But what are the consequences? As NPR’s Zoe buy canada goose jacket cheap Chace explains, it’s actually pretty hard to figure out how to punish a bank. canada goose outlet uk

canada goose jacket outlet ZOE canada goose coats on sale CHACE, BYLINE: A bank is a place that handles lots of money. So the obvious thing is to take some of that money away. canada goose uk shop The number one way to punish a bank a big fine. taxes. Senator Carl Levin laid it canada goose uk outlet all out in a congressional hearing earlier this year. It’s pretty brazen like when an American client signed up for a secret Swiss bank account. canada goose jacket outlet

canada goose factory outlet SENATOR CARL LEVIN: The client was ushered into a remotely controlled elevator with no floor buttons and escorted to a bare room with white walls, all dramatizing the bank’s focus on secrecy. And the client always signed a form ordering that the Credit Suisse account statements be immediately shredded. canada goose factory outlet

canada goose outlet reviews CHACE: Investigators found thousands of accounts hidden away from the IRS. The consequence for this malfeasance was canada goose store a fine $2.6 billion. 26 billion sounds big. In the context of a big bank, though is that a real punishment? Matt Levine is a columnist for Bloomberg also a former banker. He says, yeah, that’s big. canada goose outlet reviews

canada goose outlet online uk MATT LEVINE: 2.6 billion dollars is a big number. It’s basically equal to Credit Suisse’s uk canada goose net income of all of 2013. So, you know, it’s a pretty meaningful fine. canada goose outlet online uk

canada goose outlet uk canada goose clearance sale CHACE: Imagine you’re the guy at Credit Suisse who just told the shareholders, hey we all may $2.6 billion dollar. Then you had to say, just kidding. We actually made nothing last year because the government took it all away. canada goose outlet uk sale

canada goose outlet new york city LEVINE: Like, that’s a bad year, right? Like, that’s not a Canada Goose Coats On Sale bad day. That’s a bad year. canada goose outlet new york city

canada goose outlet parka CHACE: Did it cause, though, the shareholders of the bank to be like, hey never mind, we’re uk canada goose outlet not making any Canada Goose Online money here off this business. So peace out did that happen? canada goose outlet canada goose factory sale parka

canada goose outlet black friday LEVINE: No, not at all really. canada goose outlet black friday

canada goose outlet CHACE: Fines happen all the time now. It’s become kind of normal. All the other banks are probably paying out for some crime of their own. So what else can you do to punish a bank? Number two hurt their reputation. Make them admit their guilt. Take Credit Suisse, again, in addition to the fine, the CEO Brady Dougan had to go before the Senate committee and say basically, there are a bunch of criminals here at this fancy bank. law. canada goose outlet

canada goose outlet online CHACE: In the banking world, that counts as an apology. Did this hurt their business? canada goose outlet online

canada goose black friday sale LEVINE: Yeah, people have asked Credit Suisse’s executives ever since they pled guilty, you know are you losing Canada Goose Parka any clients? And the answer is no, everything’s fine. We’re doing great. canada goose black friday sale

canada goose outlet toronto factory CHACE: You can see why regulators are looking for something more. canada goose coats Option number three in the next week or so, we are likely to see a brand new way to punish a bank. sanctions by trading with Sudan that bank, BNP, is canadian goose jacket probably Canada Goose online going to have to, one. pay huge fine, two, admit guilt and, three, have to take a sort of timeout from global finance. The bank would be banned from something called dollar clearing. They basically wouldn’t be allowed to handle dollars for a while. That is a really big deal because most of world trade is conducted in dollars. You can tell all these punishments together may sting because the French politicians are very upset. canada goose outlet toronto factory

canada goose outlet shop PIERRE LELLOUCH: What I find totally unacceptable is by Canada Goose Jackets simply using the dollar, then American legislation becomes extraterritorial and essentially gives American judges the right to punish any company anywhere. This canada goose outlet is what shocks me. canada goose outlet shop

goose outlet canada CHACE: Pierre Lellouch canada goose uk black http://www.mycanadagoosejacket.org friday is a member of the French parliament. He’s worried a punishment this severe would badly cripple the ban. The president of France says if you cripple the bank, you destabilize the whole European economy. And that right there is the challenge for the banking regulators. At the end of the day, they don’t want to punish the whole cheap canada goose uk global economy for the sins of the few. Zoe Chace, NPR News. goose outlet canada

canada goose outlet store uk MONTAGNE: You’re listening to MORNING EDITION from NPR News. canada goose outlet store uk

canada goose outlet sale NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not cheap Canada Goose be in its final form and may be updated or revised in the future. Canada Goose sale Accuracy and availability may vary canada goose outlet sale.

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