Obama Spars With French, DoJ Defends Record

As US President Obama emerges from a potentially awkward dinner with French President Hollande, the din of diplomatic conversation could have been pierced by a familiar bank refrain: potential bank failure and systematic damage to the economy could result from a criminal investigation. The (Department of Justice) DoJ is about to twist the arm of French mega bank BNP Paribas SA (EPA:BNP) (OTCMKTS:BNPQY) to admit criminal wrongdoing and pay a record $8 billion fine.

The bank appears ready to admit to criminal charges involving suspect money transfers to Iran and Sudan. After fighting with the DoJ on its own, the...