Report: $35B in penalties coming over currency-rigging

UBS is lower by 1.8% in premarket action after a report from Autonomous Research suggests the bank could face $8B in fines and settlements related to currency-rigging charges.

In all, Autonomous sees $35B in penalties, with UBS seeing the largest bill. Coming in at place and show are Deutsche Bank (DB) with $4.4B and Citigroup (C) at $4.3B.

Autonomous is basing its estimates on the size of the fines handed out for Libor-rigging. "We acknowledge that our methodology is speculative, but it applies the theory that repeated wrongdoing attracts higher penalties, as witnessed elsewhere."

This was corrected on 06/12/2014 at 11:58 AM.
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Comments (10)
  • rambler1
    , contributor
    Comments (1049) | Send Message
    In most cases these firms don't have the same management as when they committed any wrongs. The shareholders have to suffer after the fact. When do we see individuals held accountable for their actions, and better oversight from the government when things are occurring.
    12 Jun 2014, 09:04 AM Reply Like
  • Swing and a Miss
    , contributor
    Comments (51) | Send Message
    Then this is a lesson to shareholders that owning shares in investment banks, due to perverse incentives and lax regulation, is a risky thing to own.


    Call your stockbroker or your pension fund manager and tell him or her that you object to owning stocks and bonds of investment banks because of the true nature of investment banking: really rich people gambling with ordinary people's money.


    If and when these folks get a hold of your money--chances are--they are going to gamble with it. It's what these dudes do--it's why they exist.


    Let's just restore Glass-Steagall and be done with these bozos.


    Btw--lemme guess. They will admit to no wrong-doing and offer no apology--correct? Just a stern "No-no bad bank!" And the combined pocket change from the crevices of the sofas in their executive suites?


    Where is the outrage?


    My solution? (Beyond the restoration of Glass-Steagall) Leave these folks in a room for 10 minutes with a few menopausal housewives. I'll volunteer to lead the group--I'd have them begging for mercy in 5 minutes AND picking up their own #$%@&*$# socks, too.


    Just sayin'--there's a stockpile of hormonal weaponry in the demographic that I proudly represent. You prosecutors ought to give us an "at bat." (If ya'll think that the "good cop, bad cop" strategy works--ya'll ought to give "good cop, menopausal housewife" a try.)
    12 Jun 2014, 10:24 AM Reply Like
  • JeffA65
    , contributor
    Comments (353) | Send Message
    "Leave these folks in a room for 10 minutes with a few menopausal housewives." I'm loving it. That is so beautiful. My wife's going through that so I know what you are talking about. You go girl!!
    12 Jun 2014, 10:35 AM Reply Like
  • Swing and a Miss
    , contributor
    Comments (51) | Send Message


    Well, JeffA65, if Mrs. JeffA65 was also a "65," you might be just at the beginning of this.


    Lemme give you a hint --notice that anything that gets thrown "at" you is generally just thrown "in your general direction." So you're technically in far less actual physical danger than you might think you are. (But you seem very sweet--you'll probably pass with flying colors and no scars at all!)


    Here's a joke for you--because you seem so nice:


    The FBI had an opening for an assassin. After all of the background checks, interviews, and testing were completed, there were 3 finalists: two men and a woman.


    For the final test, the FBI agents took one of the men to a large metal door and handed him a gun. “We must know that you will follow your instructions no matter what the circumstances. Inside the room you will find your wife sitting in a chair. Kill her!”


    The man said, “You can't be serious. I could never shoot my wife.”


    The agent said, “Then you're not the right man for this job. Take your wife and go home.”


    The second man was given the same instructions. He took the gun and went into the room. All was quiet for about 5 minutes. The man came out with tears in his eyes and said, “I tried, but I can't kill my wife.”


    The agent said, “You don't have what it takes. Take your wife and go home.”


    Finally, it was the woman's turn. She was given the same instructions, to kill her husband. She took the gun and went into the room. Shots were heard, one after another. They heard screaming, crashing, banging on the walls. After a few minutes, all was quiet. The door opened slowly and there stood the woman, wiping the sweat from her brow.


    ”This gun is loaded with blanks' she said. 'I had to beat him to death with the frickin' chair.'”


    Have a great weekend, JeffA65!


    And always remember--"Happy wife. Happy life." ;-)
    12 Jun 2014, 11:29 AM Reply Like
  • JeffA65
    , contributor
    Comments (353) | Send Message
    Funny!! I'll share with my wife ... she'll love it. Have great weekend!
    13 Jun 2014, 10:58 AM Reply Like
  • BruceInKY
    , contributor
    Comments (445) | Send Message
    Sadly, those menopausal housewives turned out in droves to re-elect Dear Leader and are eagerly awaiting the opportunity to put Hillary into office. With Janet Yellen now heading the Fed, investment banks have never had better friends.
    12 Jun 2014, 10:59 AM Reply Like
  • Swing and a Miss
    , contributor
    Comments (51) | Send Message
    But BruceInKY, did ya really think we were gonna vote for the Mittster? And his "binder-full" of wiminz?


    And, as far as Janet Yellen is concerned--I honestly don't know much about her. But if you think she's "banker-friendly"--Ill take you at your word. Could we swap her out for Senator Elizabeth Warren, instead?


    That would be fun!


    (Personally, I think we need more funding devoted to the scientific research into the cloning of Senator Elizabeth Warren. I pretty much want her in charge of the world.)


    So, BruceInKY, what sort of expertise do you have and how might I exploit it?
    12 Jun 2014, 12:37 PM Reply Like
  • BruceInKY
    , contributor
    Comments (445) | Send Message
    Are you for real or just a parody?
    12 Jun 2014, 12:55 PM Reply Like
  • Jason B
    , contributor
    Comments (614) | Send Message
    Total parody.
    14 Jun 2014, 11:57 AM Reply Like
  • Swing and a Miss
    , contributor
    Comments (51) | Send Message
    Dear BruceInKy,


    I don't have time for an existential crisis. I think I'm real. Or I thought I was. Until you asked me if I was a parody.


    Oh no. Maybe I am a parody--and I just don't know it! :-0




    I'm definitely real.


    Is that good or is that bad?


    Are you really from Kentucky?
    12 Jun 2014, 02:27 PM Reply Like
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