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BNP Paribas' Record Penalty to Set a Precedent and Cause U.S. Tension

7/01/14 9:34 AM EDT
French bank BNP Paribas plead guilty on Monday to criminal charges of violating U.S. sanctions and agreed to pay a record penalty of nearly $9 billion. As the fine equates to just over twice as much as all of the cumulative fines imposed upon other banks who have violated sanctions over the past five years, The Deal correspondent Paul Whitfield explains why BNP Paribas has been hit so hard. Whitfield also talks about what the likely impact will be on the bank going forward and how French and U.S. relations will be affected. French President Francois Hollande discussed potential fines against BNP with U.S. President Barack Obama earlier this month. President Obama said he would not get involved in the case. TheStreet's Brittany Umar reports from New York.
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