Washington (AFP) - Handing out multibillion-dollar fines right and left to domestic and foreign financial giants, the United States has taken on the role of the unforgiving global cop of the business world.
In stark contrast to the relative inertia of white-collar law enforcement in Europe, Washington most recently brought the hammer down on Deutsche Bank and Credit Suisse, which sold junk-filled, mortgage-backed securities ahead of the 2008 financial meltdown.
Deutsche Bank has agreed to a payout of $7.2 billion, while Credit Suisse settled for $5.3 billion to resolve American authorities' allegations and avoid the lengthy headache of a trial.
Instead of dragging financial firms to court, the US has taken them to the cashier.
American giants have not been spared: JP Morgan Chase, Citigroup, Morgan Stanley and Bank of America collectively have shelled out $40 billion to settle cases linked to toxic, crisis-era financial products.
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WNU Editor: This is already "pissing off" a lot of people .... and I am sure that it is going to get worse.
3 comments:
I do not see much in the wahy of addressing the issues raised by the Panama Papers as far as the U.S. in concerned, and yet, a quick glance via search engine reveals a lot of things that need addressing by well known figures.
A corrupted policeman like they are in NATO.
With IMF, World Bank and rating agencies reside in USA how is reliable as a cop against financial crimes, when financial crises born inside the US?
They are simply worried that too many search to evade from this invisible imperial prison.
Deutche Bank got to keep 72% of what they stole.
Suisse Bank, 81%
Wells Fargo, 94%
Some Global Cop.
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