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The fine that UBS (UBS) will reportedly pay to settle allegation that it manipulated inter-bank...

The fine that UBS (UBS) will reportedly pay to settle allegation that it manipulated inter-bank rates is $1.6B, well above the $1B figure that was mooted at the end of last week. UBS Securities Japan will plead guilty to manipulating Japanese interest rates, although the bank will stop short of acknowledging wrongdoing at a group level, thereby averting fears that it could lose its license.
Comments (2)
  • How much money did UBS make on this manipulation? I would bet it is more than the total levied. If banks make more on illegal activities than the fines levied, what is the motivation to stop acting like criminals? Of course all big banks are too important to indict (sarcasm), but what about individual criminal charges? The world justice system has become a slave to perceived economic fears, what a travesty.
    16 Dec 2012, 12:39 PM Reply Like
  • AM,
    One report we saw estimated Barclays could have made $25 million/day for years in profits from their LIBOR manipulation, yet they only paid a few hundred million in penalties. So crime does pay, and it pays mega millions, which is of course exactly why the banks do it.
    17 Dec 2012, 02:51 AM Reply Like
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