Lawyers told the Times that prosecutors are engaged in talks with BNP, which has a huge investment bank in New York, to gain a guilty plea from the bank’s parent company. In response, the bank has enlisted the support of high-ranking French officials to pressure prosecutors.
During a meeting at the New York Fed’s headquarters in Lower Manhattan, Benjamin M. Lawsky, New York’s top financial regulator, said he planned to impose steep penalties against BNP and its employees but promised he would not revoke the bank’s license.
Attorney General Eric H. Holder Jr. told a congressional hearing last year, “I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them.”
Holder’s criminal division has held discussions with the New York Fed about securing a guilty plea in the Credit Suisse tax shelter case, according to the Times.
Representatives for BNP and Credit Suisse declined to comment.