The WSJ says UBS is actively discussing a settlement with the SEC regarding fraud allegations...


The WSJ says UBS is actively discussing a settlement with the SEC regarding fraud allegations stemming from ~$750M in CDO-related notes the bank sold during the financial crisis. The ubiquitous "people familiar with the matter" claim the investigation is coming to a close. 
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Comments (3)
  • wyostocks
    , contributor
    Comments (9114) | Send Message
     
    And the people who committed the fraud get off totally free while the bank pays off the government with other peoples money (the shareholders). Some things just never change.
    23 Mar 2013, 05:21 PM Reply Like
  • Rinascimento
    , contributor
    Comments (1596) | Send Message
     
    I agree with you; why GS and JPM get away with everything? this is blackmail money; why these foreign banks just don't leave the US instead of paying such penalties?
    23 Mar 2013, 07:21 PM Reply Like
  • benitus
    , contributor
    Comments (3300) | Send Message
     
    Every major bank has paid (to settle) to get the Feds off their backs, so UBS 's deal with the feds is nothing new and there will be more banks to come. If we (i.e. the Feds), at some time or other, ask foreign banks to leave because of some alleged irregularities, then all our banks overseas will be asked to leave, as our banks commit more mind-blowing crap when they are overseas and out of range of the feds. We have more to lose. With international relationships, it's all about tit-for-tat, "scratching my back while I scratch yours" and looking the other way to avoid getting involved or implicated. Remember the London whale. If that happened in the U.S., alarms bells would be ringing everywhere before it got to be that bad. Even Jamie Dimon got caught "with his pants down" (figuratively-speaking).
    25 Mar 2013, 02:27 AM Reply Like
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