It appears that having pushed France forcefully into the Russia-China Eurasian, and anti-US camp, the US will now do the same with Germany. Because after infuriating the German population by first refusing to return their gold at the New York Fed, and then with scandal after spying scandal, most recently involving the CIA directly soliciting a German double agent, now the time has come to punish Germany’s largest banks the same way the BNP was ripped off.<\/p>\n
As the NYT and Reuters report, the time has come to shift away from the BNP scandal and focus on what will soon be the Commerzbank and Deutsche Bank fallout.<\/p>\n
According to the NYT, the US is bound for another European financial center: Germany. State and federal authorities have begun settlement talks with Commerzbank, Germany\u2019s second-largest lender, over the bank\u2019s dealings with Iran and other countries blacklisted by the United States, according to people briefed on the matter. The bank, which is suspected of transferring money through its American operations on behalf of companies in Iran and Sudan, could strike a settlement deal with the state and federal authorities as soon as this summer, said the people briefed on the matter, who were not authorized to speak publicly.<\/p>\n
The contours of a settlement, which the authorities have only begun to sketch out, are expected to include at least $500 million in penalties for Commerzbank, the people added. Although prosecutors were still weighing punishments, the people briefed on the matter said that the bank would most likely face a so-called deferred prosecution agreement, which would suspend criminal charges in exchange for the financial penalty and other concessions.<\/p><\/blockquote>\n
It’s not just Commerzbank – a settlement with the smaller bank will merely pave the way for the punishment of the biggest bank of all (in terms of groiss derivative notional held): Deutsche Bank.<\/p>\n
A potential deal with Commerzbank \u2014 which is expected to pave the way for a separate settlement with Deutsche Bank, Germany\u2019s largest bank \u2014 would pale in comparison to the case announced last week against France\u2019s biggest bank, BNP Paribas. The French bank agreed to pay a record $8.9 billion penalty and plead guilty to criminal charges for processing transactions on behalf of Sudan and other countries that America has hit with sanctions, a rare criminal action against a financial giant.<\/p>\n
The Commerzbank investigation features an added twist: The bank is 17 percent owned by the German government. It is unclear whether \u2014 as in the BNP case, which led French authorities to intervene on the bank\u2019s behalf \u2014 the settlement talks could inflame diplomatic tensions between Washington and Berlin.<\/p><\/blockquote>\n
Of course, since this is the ridiculous “scorched earth” diplomatic policy of the Obama administration, nobody is surprised any more that the US president is alienating one former ally after another.<\/p>\n
As we first observed a few weeks ago when we revealed JPM’s involvement in all of this money laundering, “some critics have questioned why American authorities have set their eye on European banks. The answer, authorities say, is that American banks by and large avoided processing transactions for Iran and Sudan. But American banks are not immune from touching dirtier money.<\/p>\n
Citigroup\u2019s Banamex unit is under investigation for processing money linked to a drug cartel. And in January, JPMorgan Chase reached a roughly $2 billion deal with the authorities over ignoring signs of the Ponzi scheme orchestrated by Bernard L. Madoff, who held accounts at the bank for over two decades.”<\/p>\n
JPM was\u00a0“unwittingly” the bank that made French and German “money laundering” around the globe possible. Did we mention unwittingly?<\/p>\n
Source: ZeroHedge<\/p>\n","protected":false},"excerpt":{"rendered":"
It appears that having pushed France forcefully into the Russia-China Eurasian, and anti-US camp, the US will now do the same with Germany. Because after infuriating the German population by first refusing to return their gold at the New York Fed, and then with scandal after spying scandal, most recently involving the CIA directly soliciting … Continue reading “US set to alienate Germany next”<\/span><\/a><\/p>\n","protected":false},"author":2961,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,3],"tags":[9432,9431,7727,51,1638],"class_list":["post-14641","post","type-post","status-publish","format-standard","hentry","category-business-and-finance","category-news","tag-bnp","tag-commerzbank","tag-deutsche-bank","tag-germany","tag-us"],"cc_featured_image_caption":{"caption_text":false,"source_text":false,"source_url":false},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts\/14641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/users\/2961"}],"replies":[{"embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14641"}],"version-history":[{"count":2,"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts\/14641\/revisions"}],"predecessor-version":[{"id":14643,"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts\/14641\/revisions\/14643"}],"wp:attachment":[{"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}