by Mike “Mish” Shedlock
MISH’S Global Economic Trend Analysis
Today, French bank BNP Paribas plead guilty Monday to criminal money-laundering laws by helping clients dodge sanctions on Iran, Sudan and other countries.
As part of the settlement, BNP will pay a record penalty of close to $9 billion.
Former ECB president Jean-Claude Trichet said the fine was neither fair, just, nor proportionate and carries risks for the global financial system.
CCN Money has the synopsis in BNP Paribas to Pay Nearly $9 Billion Penalty.