U.S. Set to Bring Criminal Charges Against Banking Giants

Hopefully they are actually charged!

TIME

Federal prosecutors are reportedly close to bringing criminal charges against two of the world’s biggest biggest banks, Credit Suisse and BNP Paribas, preparing the way for what could be the first guilty plea from a major bank in decades.

The New York Times, citing anonymous sources, reported that prosecutors have outlined plans to charge French bank BNP Paribas for doing business with countries that are on the United States’ sanctions list, such as Sudan. A federal investigation into Credit Suisse for offering tax shelters to Americans could also yield a guilty plea.

The new focus on bringing criminal charges against major banks bucks a regulatory trend in Wall Street, whose largest institutions have been largely immune to criminal prosecutions over wrongdoing for two decades. The planned prosecutions against BNP Paribas and Credit Suisse could help mollify public outrage over banks’ apparent immunity to criminal charges.

BNP Paribas said Wednesday…

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