UBS
Criminal Charge In Libor Settlement Breaks Taboo, Signals More Arrests Coming
Huffington Post by Mark Gongloff Posted 12/19/2012 8:48 am EST | Updated:
12/19/2012 11:58 am EST
Regulators forced Swiss bank UBS to cough up
$1.5 billion to settle charges of rate manipulation
Even though it is not really surprising, the
sheer scope and audacity of the market manipulation involved in the latest bank
scandal still manages to inspire awe.
As was widely expected, regulators in the U.S.,
U.K. and Switzerland Wednesday morning announced they were forcing Swiss bank
UBS to cough up $1.5 billion to settle charges that its traders manipulated the
world's most important interest rates perpetually over a stretch of five years.
According to the regulators, at least 45
different managers and traders were involved in a scheme to manipulate key
benchmark lending rates known as Libor and Euribor, which affect "hundreds
of trillions of dollars of financial contracts around the world," notes
David Enrich of the Wall Street Journal.
To read the rest of this story visit Huffington Post
1 comment:
go gett'em, Huff
pisssed off oldster
Post a Comment