• 12 May 2014 at 1:35 PM
  • Banks

BNP Paribas, Credit Suisse Have A Favor To Ask

Preet Bharara & co. are super pissed at BNP Paribas and Credit Suisse. Guilty-plea-to-criminal-charges pissed. But the banks can’t go back in time and not blithely do business with the Axis of Evil-plus, or help Americans minimize the size of that last number on their 1040s, respectively. And until they get their hands on a time machine allowing them to do a better job of covering up those (alleged!) crimes, they’ll resort to a strategy that’s actually available to them: begging.

To avoid the fallout from pleading guilty — no giant bank has done so in more than two decades — BNP Paribas and Credit Suisse made last-ditch appeals to prosecutors and regulators in recent weeks, according to people briefed on the talks….

While BNP and Credit Suisse proposed more modest guilty pleas from their subsidiaries rather than parent companies, the people briefed on the talks said, prosecutors appeared to balk at those overtures, challenging broader public concerns that banks have grown so important to the economy that they are effectively “too big to jail….”

BNP made its own appeals. Underscoring the gravity of a guilty plea for the bank, BNP’s chief executive and two of his top lieutenants traveled to Washington and New York to make their case last week, the people said….

The crucial meeting occurred two days earlier in Washington, the people said, on Tuesday afternoon at the Justice Department’s headquarters. It was there that the executives outlined concerns about a guilty plea to the three prosecutors leading the case: David A. O’Neil, head of the department’s criminal division; Preet Bharara, the United States attorney in Manhattan; and Cyrus R. Vance Jr., the Manhattan district attorney….

The pitch was simple. The executives and lawyers warned that a guilty plea could wreak havoc on BNP and the broader economy well beyond France’s borders.

2 Banking Giants Implore U.S. Authorities to Go Easy [DealBook]

12 comments (hidden to protect delicate sensibilities)
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Comments (12)

  1. Posted by BNP HR | May 12, 2014 at 1:45 PM

    Im canceling my summer plans. Does anyone know where I can get a guillotine sharpened??

  2. Posted by Wideclops | May 12, 2014 at 2:16 PM

    There's a place not far from us here. I'll take yours – I'm going there anyway.

  3. Posted by UBS Doomsday Quant | May 12, 2014 at 2:26 PM

    Great, more layoffs! Less taxable revenue, more garbage, homeless people, under employed frustrated people.

    Time to get the fuck out of Manhattan and open up that bike shop

  4. Posted by je ne compre pas | May 12, 2014 at 2:32 PM

    fucked. this guy has a hard on for super hero complex.

  5. Posted by Captain Oblivious | May 12, 2014 at 2:52 PM

    Dear French Turds,

    Take your head, put it between your knees and kiss your ass goodbye. You are not too big to jail, Im too hot to handle, too cold to hold


    Preet "og" Bharara

  6. Posted by I feel Preeti | May 12, 2014 at 3:32 PM

    Whats it like working at Barcap, JPM, BNP and CS right now on a daily basis. Must be a god damn nigthmare. Alot of fat about to be cut

  7. Posted by UFOinsider | May 12, 2014 at 3:33 PM

    This is either going to kick off a chain of events a la Lehman or it's going to usher in a huge progressive shift. I'm betting progressive shift followed by decades of economic growth. Anyone want to take the other side of this bad boy?

  8. Posted by Xenomorph | May 12, 2014 at 5:27 PM

    Based on your spelling, you'd better start calling some friends….

  9. Posted by VP, Remax Manasquan | May 13, 2014 at 1:30 PM

    Just to be clear, as we stated at the time of the contract signing, the deposit on your 2 month rental of the 2 bedroom beach house, seven blocks from the beach, was and remains, non-refundable.

  10. Posted by Seatless Bikes LLC | May 13, 2014 at 1:32 PM

    I disagree, and we are currently looking for anchor investors to open up our Chelsea Flagship Branch

  11. Posted by CS RSU Holder | May 13, 2014 at 1:35 PM

    Probably pretty good right about now. Get axed, your stock vests, and eliminating entire businesses is the only reasonable shot you have at seeing the stock come anywhere even close to where it was issued.

  12. Posted by G.R. Ford | May 13, 2014 at 2:10 PM

    Government that is big enough to give you a smart phone is also strong enough to kill all the freaking bank jobs in NY.