The new EU blackmail against the UK has been revealed; the relocation of major bank subsidiaries including Deutsche Bank, BNP Paribas and Societe Generale. Taking with them roughly 20,000 employees, and billions in assets, would this truly effect London to any great degree?
Deutsche Bank currently is facing over 7800 lawsuits involving deceit and illegal transactions. They have set aside about 7.6 billion euros to settle these claims. In 2016 they reported a 1.6 billion loss. In addition they are mired in claims of espionage and tax evasion. In the past two years they have paid out fines for money laundering, foreign exchange manipulation, libor scandal, and sanctions violations.
Hardly a pillar of integrity and respect.
BNP Paribas is the largest bank in the Eurozone. Based out of France, it has multiple subsidiaries, although none of its 17 major retail subsidiaries are located in the UK. In fact, it would appear that while its presence in the UK exists, it is not a focus market. Major subsidiaries it lists include; Italy, Bulgaria, Morocco, Luxembourg, Turkey, Poland, Libya and Ukraine.
It too has been cited for money laundering to the tune of $100 billion for Cuba, Sudan and Iran and currently faces $10 billion in fines. In addition, they were caught fudging their accounts and books and have yet to correct errors. Tch. Tch.
Standard Ethics Aei gave the bank a sustainability rating of EE+, which is considered average by their ratings methodology.
Societe Generale is Europes sixth largest bank, based in France, and has its share of libelous and somewhat humorous infractions. In 2009, Societe Generale was facing a potential loss of $11 billion due to the credit swap crisis. When the US bailed out AIG, because of the intertwined relationship between Societe Generale and AIG, the bank was spared.
In 2008, a 31 year old futures trader who was given access to more than $73 billion in funds, more than the entire market capitalization of the bank, executed a fraudulent trade costing the bank $7 billion in losses. Together with previous losses, Kerviel is said to have cost the bank $10 billion. The reason? He was having ‘family problems’…
While the bank denied knowing anything about his wild trading practices, Kerviel later wrote a book claiming quite a different story.
Given his relatively meager salary was only 74,000 Euros, and executives within Societe Generale claim he was not a ‘star’, it is interesting that they would have put him in charge of trades in excess of the entire bank’s market capitalization… Something smells a bit fishy. Probably because it is.
Soceite Generale sued Kerviel for $6.7 billion, although they claimed it was a symbolic restitution, without purpose. In other words, it was a waste of everyone’s times. And money.
It is no coincidence that of theses three banks named as potentially blackmailing the UK BREXIT regulations, 2 are French and 1 is German. That would abbreviate to Macron and Merkel, two very vocal opponents to BREXIT, and two heads of state who are wholly enmeshed in the Soros/Rothschild cabal and defense of Globalization.
The problem with initiating blackmail, is sometimes the escalation can become untenable given that both sides have arguable points and counter points of economic extortion that can be used which could become a spiraling downfall for the entire EU.
In the meantime, the screaming rages of out of control politicians will make headlines, the economy will flounder in uncertainty, the People will protest and riot in anger, and tourism will become nonexistent as visitors find it more peaceful to travel to alternate countries of paradise.
China and the Middle East will step in to fill the voids, and the Europeans will wonder “What The Heck Just Happened”!
Because Comrades, that is how Socialism/Communism works.