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Tuesday, May 13, 2014

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Holding banks accountable

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U.S. Attorney General Eric Holder would like you to think that large financial institutions are not "too big to jail". The Justice Department has been investigating two foreign institutions, France's BNP Paribas and Switzerland's Credit Suisse, for months, looking to bring criminal charges against a bank for the first time in decades. This week, it finally seems like they are closing in.

Though the Justice Department is cloaking its investigation in the rhetoric of the financial crisis, Binyamin Appelbaum notes that these cases, in fact, have nothing to do with it. BNP is being investigated for doing business with blacklisted countries like Sudan and Iran, and routing some of the transactions through the U.S. Credit Suisse is accused of helping U.S. citizens evade taxes.

The Credit Suisse case isn't even that new. It's been around since at least 2009, when UBS settled with the government over similar allegations. While UBS got away with a $780 million fine, Credit Suisse is now facing $2 billion in fines and a guilty plea. The bank's CEO, Brady Dougan, who got a 26% pay increase last year, is also being urged to quit. "If Dougan had been smarter about this, Credit Suisse almost certainly could have settled this case without the bank having to plead guilty to anything", writes Jonathan Weil.

The banks are attempting to deal with the problem in a couple of different ways: In December, Credit Suisse set up a special holding company, where it dumped all accounts that might fall under investigation (which prosecutors may or may not be willing to charge). If the parent company is hit with an indictment, it may not be legally allowed to operate in the U.S. anymore. BNP is taking a more direct approach: begging. Executives from the bank traveled to New York and Washington last week to let prosecutors know that a "guilty plea could wreak havoc on BNP and the broader economy well beyond France's borders".

If criminal charges do come, "banks could lose one of their best negotiating tactics: revving up fear of financial calamity", writes Joel Schectman. But it's actually unclear whether criminal charges would be fatal to a big bank, writes Matt Levine -- and the Justice Department knows this:

The logic seems to be that prosecutors have no real idea if criminal charges would bring down a bank, so they'll just play around for a bit and see what happens. Start with BNP Paribas. Get a criminal guilty plea. If that puts it out of business, sparks a financial panic, and puts its 190,000 employees out of work then, you know, oops! Don't do that again.

But hey, "Holder wants his legacy to be that of an enforcer", says Allie Jones, and time is running out. — Shane Ferro

On to today's links:

Central Banking
There's a labor shortage at the Fed - NYT

Your Retirement Plan
Half of Americans think they will have enough money to retire - Gallup

Technically Speaking
"Forget Big Brother – Google is better!" - Mathias Döpfner 

Good Luck With That
Silicon Valley workers should take cues from their colluding bosses - AJAM 

Good News
The labor market is (maybe!) not broken - Justin Wolfers 

Remuneration
Goldman's UK profits were down 73% last year. Pay per person rose 3% - eFinancial Careers 

Things That Exist
Guy Fieri jewelry - Guy! 

Dismal Science
Talking to Piketty's translator: "Thomas is hardly the first literate economist" - Alternet 

Unintended Consequences
What's the biggest threat to the TV ad market? A massive oversupply of TV - Pando Daily 

Ugh
Tim Geithner trusted banks more than bankers trusted banks - Noam Scheiber 

Remembrances of Things Past
Most FICC revenue is gone, never to return - Reuters

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Business Today: Dow, S&P 500 eke out gains to end at records

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05/13/2014
Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between
Dow, S&P 500 eke out gains to end at records
NEW YORK (Reuters) - The Dow and the S&P 500 closed at record highs again on Tuesday, while the Nasdaq slipped, weighed down by Cisco and Comcast.
Retail sales slow, but growth outlook still upbeat
WASHINGTON (Reuters) - U.S. retail sales braked sharply in April after strong gains in the prior two months, but that did little to change views the economy was poised for faster growth this quarter.
U.S. regulator opens door wider for Americans on mortgages
WASHINGTON (Reuters) - The regulator of Fannie Mae and Freddie Mac laid out plans for the government-run companies on Tuesday that could make it easier for Americans to obtain mortgages, marking a sharp departure from a predecessor who wanted to aggressively shrink their role in the housing finance market.
Next U.S. Senate hearing on GM seen after company probe complete
WASHINGTON (Reuters) - The next round of hearings in the U.S. Senate to probe General Motors' delayed recalls of vehicles plagued by ignition-switch defects will come after the company completes its own internal probe, a Senate aide said on Tuesday.
FCC vote on 'net neutrality' will kick off long battle
WASHINGTON (Reuters) - U.S. efforts to set new Internet traffic rules face a lengthy tug of war between broadband providers and Republicans on one side and some tech companies and consumer advocates on the other as regulators prepare to propose the rules formally on Thursday.
AT&T in talks to buy DirecTV for nearly $50 billion: sources
NEW YORK/LOS ANGELES (Reuters) - AT&T Inc is in active talks to buy satellite TV provider DirecTV and may complete a deal in the next few weeks that could be worth close to $50 billion, two people familiar with the matter said on Monday.
U.S. judge tosses SEC case over alleged Ponzi scheme
(Reuters) - Five former real estate executives do not have to face a U.S. Securities and Exchange Commission lawsuit accusing them of engaging in a $300 million Ponzi scheme, a U.S. judge has ruled, saying the agency waited too long to sue.
Next step for bankrupt Detroit: Ending abandoned home crisis
WASHINGTON (Reuters) - The federal government is pushing to eradicate a long-standing symbol of Detroit's massive economic deterioration: the abandoned house.
UK lawmakers give Pfizer stick as it waves carrot at AstraZeneca
LONDON (Reuters) - U.S. drugmaker Pfizer hinted it could raise its proposed $106 billion offer if AstraZeneca would only engage in talks, as its boss was grilled by UK lawmakers on his commitment to British research spending and jobs.
Cemex leadership unclear after sudden death of CEO
MEXICO CITY (Reuters) - The leadership of Mexico's Cemex , one of the world's leading cement makers, is uncertain after the death of Chairman and Chief Executive Officer Lorenzo Zambrano, irking some investors who would prefer a smooth transition.
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