France Could Be About To Unleash Economic Hell On The U.S. After What The Obama Admin Just Did: The largest bank in France, BNP Paribas, was just hit with a $9 billion fine and a penalty of not being able to transact in U.S. dollars for one year. This action was taken by American regulators after the bank was found conducting business with countries where the United States had imposed sanctions for political reasons.
The fine is extremely large and reflects the Obama administration’s anger at France for flagrantly violating American wishes regarding sanctioned countries; BNP admitted guilt in the settlement. However, the French are angry as well. They are unhappy at being under the thumb of American regulators due to their exposure to global transactions in USD.
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