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By David Scott | Monday 12 September 2016
2014 was a watershed moment in global banking when the Obama administration fined French bank BNP Paribas $9 billion for doing business with countries that the US did not at the time like, namely Cuba and Iran even though the bank did not violate any French laws. Nor did it matter that only months later the President of the United States inked a sweetheart nuclear deal with Iran and flew down to Cuba to attend a baseball game with his new best friends. BNP had to pay up because if they did not the US government threatened to kick them out of the US banking system. Whilst B$9 billion hurt being kicked out of the US banking system would have stopped the back playing on the global stage. Big international banks in particular cannot function if they don’t have access to the US banking system.
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