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Wednesday, June 4, 2014

New Racist Bieber Video Emerges

After one video was released over the weekend, another racist video of the star has emerged.

Not long after the release of a video in which he made racist jokes, another video of Justin Bieber has emerged in which he sings a racist parody of one of his songs.

In lighter news, this is Peter Dinklage's yearbook photo. And it is EVERYTHING.

Both James Franco and Kanye West are known for saying some pretty wild things. Can you figure out who said what?

IN OTHER NEWS...

Kesha has a super hot boyfriend. It's time you got to know him.

...And on the 8th day, God said, "Let Bradley Cooper wear short shorts." And he wore short shorts, and it was good.

Lady Gaga is known for wearing tons of crazy costumes. But this make-up free selfie proves she is gorgeous no matter what.

The new Christian Grey, Jamie Dornan, had a photoshoot with Interview magazine. 50 shades of Yes, Please.

IN CASE YOU'D FORGOTTEN...

WHERE ARE YOUR BROWS?

As Gwen Stefani displays here, the '90s were a really rough time for eyebrows.

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Sanctions mean business

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BNP Paribas may soon find out the cost of allegedly violating US sanctions: about $10 billion. The US Justice Department is reportedly close to levying the biggest fine ever paid by a single bank against the French financial institution for doing business with countries like Sudan and Iran. The size of the punishment would far outstrip Credit Suisse's $2.5 billion fine for helping Americans evade taxes. Like Credit Suisse, BNP is expected to plead guilty to criminal charges.

DealBook's Jessica Silver Greenberg and Ben Protess report that several months ago BNP "thought it had a secret weapon to avoid that fate altogether": a memo drafted in 2004 by outside counsel. Based on the memo, BNP executed transactions for Sudan, but attempted to exclude any US-based employees from the work. After reviewing the memo, however, US prosecutors determined that it did not cover the charges the bank faced: that it has processed transactions on behalf of Iran and Sudan through its US operations.

The French government's reaction to the negotiations between BNP and US law enforcement has been rather fluid. Just two days ago, French officials were wary of politicizing the fine, at least publicly. Privately, however, the bank had been enlisting the support of French government officials for some time. Yesterday, that tactic seemed to shift into the media, with French foreign minister calling the potential fine "unfair and unilateral". And today, the French finance minister called the penalty "inequitable". French president Francois Hollande now plans to talk to President Obama about the "disproportionate" nature of the fine directly at a dinner commemorating D-Day on Friday. That's not exactly, Bess Levin notes, a low-key way of raising the issue.

The French government's response is not just awkward because BNP is France's largest bank by market cap. Dealbreaker's Jon Shazar writes that "France has spent most the post-crisis period pushing to hold banks accountable. But the Americans holding a French bank accountable? That's where they draw the line".

Beyond a multi-billion dollar fine, US prosecutors appear to be after another form of punishment. They want to strip BNP of its authorization to transfer dollars in and out of the US, which is called "dollar clearing" and is an essential service for any global bank. Matt Levine thinks US prosecutors' focus on dollar clearing is a way of ratcheting up the penalties of criminal charges against financial institutions. "After BNP Paribas, no one will really want to be the third big bank to plead guilty to crimes". That may or may not be the outcome the Justice Department is looking for. — Ben Walsh

On to today's links:

Jobs
"Most of the marginally attached are not classified as discouraged" - Atlanta Fed

Bad News
What it's like to deliver bad news for a living (hint: bad) - Carrie Seim

Yikes
The number of child immigrants entering the US alone and illegally is skyrocketing - Dara Lind

Non-Bank Financial Institutions That Also Sell Sheets
Finally a credit card with chip technology — from Wal-Mart! - Elizabeth Harris

Regulators
The Fed may be ready to throw out Basel III already - Reuters

Long Reads
How the auto industry worked to make 30,000 traffic deaths per year acceptable to society - Collectors Weekly

Innovators
Everything's an index fund now - Matt Levine

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Business Today: S&P 500 sets record again on strong services sector growth data

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06/4/2014
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
S&P 500 sets record again on strong services sector growth data
NEW YORK (Reuters) - The S&P 500 ended at a record for the fourth time in five sessions on Wednesday, led by gains in the technology sector, as investors brushed off weaker-than-expected labor market data and focused on an acceleration in services-sector growth.
Economy on solid ground despite cooler hiring
WASHINGTON (Reuters) - U.S. companies hired far fewer workers than expected in May, but an acceleration in services sector growth supported views the economy was regaining strength after sagging early this year.
U.S. appeals court voids judge's rejection of SEC-Citigroup accord
NEW YORK/WASHINGTON (Reuters) - A federal appeals court on Wednesday handed the U.S. Securities and Exchange Commission a big victory by voiding a judge's pathbreaking decision to reject the regulator's $285 million fraud settlement with Citigroup Inc .
Hollande to raise possible 'disproportionate' BNP fine with Obama
PARIS (Reuters) - French President Francois Hollande said on Wednesday he will raise concerns about a possible $10 billion-plus U.S. fine on BNP Paribas BNPP.PA that he considers "disproportionate" with his U.S. counterpart Barack Obama.
GM to release findings of internal probe of bad switch Thursday
DETROIT (Reuters) - General Motors Co will hold a news conference on Thursday at which it is expected to release the findings of the company's internal probe into why it took so long to discover a defective ignition switch linked to at least 13 deaths.
U.S. mortgage applications fall in latest week: MBA
NEW YORK (Reuters) - Applications for U.S. home mortgages declined last week as both refinancing and purchase applications decreased, an industry group said on Wednesday.
Fed may shun global risk rules banks spent billions to meet
NEW YORK/WASHINGTON (Reuters) - The Federal Reserve may scrap elements of international measures aimed at assessing bank health in favor of imposing its own rules, frustrating bankers who have spent billions of dollars retooling their books to meet global standards.
U.S. Senate adjusts capital rules for insurers
WASHINGTON (Reuters) - The U.S. Senate has approved a bill tweaking the 2010 Dodd-Frank law's treatment of insurers, a rare adjustment to the Wall Street reform law that had been sought by the industry.
Japan's Dai-ichi Life agrees to buy Protective Life for $5.7 billion
TOKYO (Reuters) - Japan's Dai-ichi Life Insurance Co has agreed to buy U.S. peer Protective Life for $5.7 billion, the largest acquisition by a Japanese insurer, displaying its determination to grow overseas to counter weak prospects at home.
Walmart's 'Made in USA' push exposes strains of manufacturing rebirth
(Reuters) - When Walmart pledged last year to buy an extra $250 billion in U.S.-made goods over the next decade, it appeared to be just what was needed to help move America's putative manufacturing renaissance from rhetoric to reality.
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