Why Pick on BNP Paribas?

To many Europeans, the $8.9 billion fine imposed by the US on the French financial-services company BNP Paribas for violating American sanctions against Cuba, Iran, and Sudan seems excessive. Three factors explain, if not justify, the size of the penalty.

CAMBRIDGE – To Europeans with whom I speak, the $8.9 billion fine imposed on the French financial-services company BNP Paribas for violating American sanctions against Cuba, Iran, and Sudan seems excessive. Yes, BNP did something seriously wrong. But $8.9 billion? Isn’t that extremely disproportionate for an otherwise highly responsible bank? French President François Hollande asked US President Barack Obama to intervene to have the fine reduced, as did the European Union’s commissioner for the internal market and services, Michel Barnier.

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