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UBS May Join HSBC In The Billion Dollar (Fine) Club

Thursday, December 13, 2012 - 4:29 PM
From Forbes: 
HSBC this week agreed to settle money laundering charges for a record $1.9 billion. Billion. That’s the biggest banking settlement to date. Interestingly, another 10+ figure fine may be on the way for yet another European bank.  UBS is expected to settle Libor manipulation allegations for $1 billion, reports say. Consider that the potential UBS fine would be more than double Barclay's Libor settlement earlier this summer of $450 million.   

UBS, like Barclays and a dozen other banks including JOMorgan Chase, Bank of America, Citigroup, Deutsche Bank and Royal Bank of Scotland are under investigation for their role in manipulating the Libor rate. In short, regulators believe banks lied about their own rates or perhaps even colluded to manipulate the daily benchmark rate.
[...] The good news for banks (and troubling news for the rest of the world) is that criminal prosecutions by U.S. authorities over either matter [LIBOR manipulation or money laundering] are highly unlikely.

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pearlbrownpearlbrown1,472 posts since
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