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Global Banks on Trial – U.S. Prosecutions and the Remaking of International Finance - Oxford Scholarship Online
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Global Banks on Trial: U.S. Prosecutions and the Remaking of International Finance

Pierre-Hugues Verdier

Abstract

In the years since the 2008 financial crisis, U.S. prosecutors have brought dozens of criminal cases against the world’s most powerful banks, charging them with manipulating financial indices, helping their customers evade taxes, evading sanctions, and laundering money. To settle these cases, global banks like UBS, Barclays, HSBC, and BNP Paribas paid tens of billions of dollars in fines. They also agreed to extensive internal reforms, hiring hundreds of compliance officers, spending billions on new systems, and installing independent corporate monitors. In effect, they agreed to become worldw ... More

Keywords: global banks, U.S. Department of Justice, white-collar crime, financial regulation, banking regulation, financial benchmarks, tax evasion, financial sanctions, sovereign debt, payment systems

Bibliographic Information

Print publication date: 2020 Print ISBN-13: 9780190675776
Published to Oxford Scholarship Online: April 2020 DOI:10.1093/oso/9780190675776.001.0001

Authors

Affiliations are at time of print publication.

Pierre-Hugues Verdier, author
John A. Ewald Jr. Research Professor of Law, University of Virginia