After a 1.7B settlement with JPMorgan and yesterday's 2+B fine of Credit Suisse, the US is going for a guilty plea and 5B from BNP. The BNP deal is getting nasty as pay claw backs and the threat of halting wire transfers has been thrown on the table.
JP was tagged for failure to monitor Madoff and CS was caught up in the tax avoidance accounts. For BNP, the issue is dealing with US sanctioned countries Iran and Sudan. As the cost approaches 7B, the dividend and capital ratio at France's largest bank become impaired. The global banking system is stressing in a new way. The LIBOR rigging, bigger, deeper and more significant than these activities; is fading away.