Jonathan Weil, Columnist

Why Did BNP Wait So Long to Cut a Deal?

Why didn't BNP Paribas settle with the Justice Department years ago, when it would have cost much less?

May 13, 2014 at 8:17 PM UTC

By Jonathan Weil

Delay comes with a price. Photographer: Balint Porneczi/Bloomberg — Delay comes with a price. Photographer: Balint Porneczi/Bloomberg

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It's sometimes frustrating to read stories in which the parties to a plea bargain or lawsuit do their negotiating and posturing in the news media. The public would be better served if the people feeding these details were on the record, because that way they could be held accountable. But I have no criticism whatsoever for the journalists reporting the information. In this business, if it's news, you have to break it. Or you'll wind up reading it somewhere else first.

The article I have in mind is one today by Bloomberg News, which broke the story that "U.S. authorities are seeking more than $3.5 billion from BNP Paribas SA to resolve federal and state investigations into the lender's dealings with sanctioned countries including Sudan and Iran, according to people familiar with the matter."