BNP Paribas was recently ranked the 4th largest bank in the world (2012). The French bank is headquartered in Paris, with global headquarters in London. It owns subsidiaries all over the world, including BankWest in the U.S..
“BNP Paribas escaped the 2007–09 credit crisis relatively unscathed reporting a €3 billion net profit for the year of 2008, and €5.8 billion for 2009.” (Source: Wikipedia)
Thanks in no small part to U.S. taxpayers…
Background – Exhibit A: Zero Hedge Feb 13, 2014: US Taxpayer “Bailed Out” BNP Paribas Probed By DoJ & Fed
“TARP Recipient BNP Paribas got $4.9bn of bailouts from the U.S. Taxpayer – Today, as the WSJ reports we learn BNP Paribas has been funding transactions in Iran, Syria and other countries subject to U.S. Sanctions since 2002. The bank set aside $1.1 billion to settle investigations by the Department of Justice and the Federal Reserve but as the NY Times reports, investigations are playing out on multiple fronts – centering on whether the firm did “a significant amount” of business in “blacklisted” countires (and routed the deals through the US financial system).”
Via WSJ, – “…an internal probe conducted over the past few years “a significant volume of transactions” between 2002 and 2009 that could be “considered impermissible under U.S. laws and regulations...” “involving entities that were doing business in U.S.-sanctioned countries, such as Iran, Cuba, Sudan and Libya during the 2002 to 2009 period.
“BNP Paribas SA on Thursday became the latest bank to disclose the extent of its litigation problems in the U.S., saying it has set aside $1.1 billion against potential penalties related to transactions in countries under sanctions...
………………………………… Background – Exhibit B: BNP Paribas Sued by US Over Banker’s Alleged Role in Fraud
Oct. 19, 2011 (Bloomberg) — “BNP Paribas SA was sued by the U.S. over allegations the Paris-based bank aided a grain export fraud scheme involving commodity payment guarantees provided by the Department of Agriculture.
A corporate banker in BNP’s Houston office allegedly helped a scheme that defrauded the Agriculture Department of at least $78 million through deals he made with four U.S. grain exporters, according to a complaint filed yesterday in federal court in Houston.”
Bloomberg Nov 28, 2011 – #18 recipient of Fed’s “secret liquidity lifelines”
“The credit crisis accelerated after BNP Paribas SA, France’s biggest bank, announced in August 2007 that it would halt withdrawals from three funds because mortgage-market turmoil “made it impossible” to value certain assets. BNP began taking Federal Reserve loans in December 2007 when the Term Auction Facility opened.
By April 2008, its Fed debt reached $29.3 billion. In 2009, BNP became the euro region’s largest bank by deposits, purchasing Brussels-based Fortis’s units in Belgium and Luxembourg for 10.4 billion euros ($15.2 billion). It issued 5.1 billion euros of preference shares to the French government in March 2009, and reimbursed the state by October. In December 2010, when the Fed disclosed the loans, BNP said it used the TAF “to assist in recycling and facilitating liquidity.”
Peak Amount of Debt on 4/18/2008: $29.3B
BNP Paribas received $4.9 billion in TARP funds from the U.S…. They also raked in a tidy $29.3 billion credit extension from the Fed via the Term Auction Facility… “to assist in recycling and facilitating liquidity.”
They were meanwhile funding significant transactions (Bloomberg) “involving entities that were doing business in U.S.-sanctioned countries, such as Iran, Cuba, Sudan and Libya during the 2002 to 2009 period.” And they ran a “grain export fraud scheme” which ‘cooked’ the U.S. Department of Agriculture for a cool $78 million.
The $64,000 question: If BNP Paribas is deserving of direct cash infusions from the U.S. government and the Fed, then certainly U.S. citizens should qualify for direct credit extensions “to assist in recycling and facilitating liquidity” at the family level.
The Leviticus 25 Plan provides for a “Citizens Credit Facility” to channel the credit extensions – and a full repayment mechanism.
Participating U.S. citizens will repay… just like BNP Paribas repayed.
The Leviticus 25 Plan – An Economic Acceleration Plan for America 2014 (322) $64,000 per U.S. citizen.