There’s not much to cheer about when it comes to the financial services sector these days.
One after another, the megabanks are forking over billion-dollar fines to settle everything from accusations of criminal wrongdoing (such as the admission by French bank BNP Paribas that it routinely violated U.S. laws against doing business with nations such as Iran and Cuba) and helping Americans avoid taxes (Credit Suisse’s $2.6 billion penalty, finalized in May, was triple what UBS agreed to pay in 2009).
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