GOOD FOR OUR SIDE - AT 8:43 A.M. ET:  From Deutsche Welle:

Credit Suisse has agreed to pay the $536 million (372 million euros) imposed by authorities in the United States for violating US sanctions against Iran and several other countries, including Libya, Sudan, Burma and Cuba.

The US Justice Department said the Swiss banking group had processed payments allowing those countries access to American financial institutions - a practice that Washington had banned.

Good for the Justice Department.  The department has done some dumb things recently - like arranging for the mastermind of 9-11 to be tried in a New York civilian courtroom - but this gets our thumbs up.

The penalty marks the biggest such fine in the history of violations of US sanctions and authorities said the bank would have had to pay even more had they not cooperated.

The settlement with US authorities ends a five-year investigation and includes a deferred prosecution agreement that allows Credit Suisse to avoid further penalties providing the bank avoids new violations and cooperates with authorities.

And...

US Attorney General Eric Holder said in a statement that Credit Suisse had even created a "how-to book on committing crime."

"Rather than adhere to the law and decline to serve these customers, Credit Suisse established a business model to allow these rogue players access to US dollars," Holder said. "In both its scope and complexity, the criminal misconduct perpetrated by Credit Suisse in this case is simply astounding."

Good for Holder.  I never thought I'd be complimenting him, but, as we say here, we give credit where it's due.  Now let's straighten out the rest of the department, Eric. 

By the way, isn't it remarkable how often we see bad behavior coming from nations that hold themselves up as noble and superior?  Does the name "Sweden" come to mind?  There are those who accuse Americans of being self-righteous.  We're amateurs compared to some of the European strutters.

December 17, 2009