UBS is expected to pay as much as 1.6 billion dollars to settle charges of Libor rigging with US, UK, and Swiss authorities, according to Bloomberg. The settlement is over alleged rigging of the yen Libor interest rate starting in 2007. However, unlike a majority of recent bank settlements where the banks neither admit to nor deny the allegations, the Japanese subsidiary of UBS will reportedly plead guilty to a criminal charge. In addition, about three dozen bankers and senior managers will reportedly be implicated in the alleged rigging.
There have already been a few arrests, but not all the implicated bankers will face criminal or civil charges. The Financial Times reports that even with an admission of guilt, UBS will not lose its ability to conduct business in Japan. We talk to former Special Inspector General of TARP and author of “Bailout,” Neil Barofsky, about what an admission of guilt would mean for too big to fail banks.
Plus, prosecutors recently decided not to indict HSBC for money laundering, as government officials were reportedly concerned over the repercussions to the financial system.
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Ok So I was pulled over for doing 35 in a 25 MPH zone. The cop gave me ticket for $250. Compared to my income, it was affordable. I’ve sped through this area many times, doing 35-45 MPH regularly. I got caught. So what. It was worth it.
HSBC’s made a few hundred billion in skim from laundered drug money, banking terrorist states and those the US has on their (S)hit list. The US looked the other way for years ever since Wachovia and other banks failed. The US needs a means to assure the ‘illegal’ money continues flowing since they have as much of a hand in it as the banksters. The US get a nice piece of the ‘vig’
My ticket was $250. Theirs was $1.9 billion. It’s all relative.
(In my defense, I haven’t had a speeding ticket in 20 years).
I don’t know about your state, but in mine, the fine isn’t much a problem, it is the increase of the insurance for three years that results from the points.
“Plus, prosecutors recently decided not to indict HSBC for money laundering, as government officials were reportedly concerned over the repercussions to the financial system.”
My BS detector is pinging. Perhaps they should be MORE concerned about not indicting the guilty. Failure to do so in such obvious cases leaves no room for doing anything that favors the citizens in less clear cases, now, does it?
Bankers Rule of Three
First Strike Banned from banking for 5 years
Second Strike 5 Years in jail
Third Strike Summary execution.
I think they use this in China, but they don’t have the first two strikes. Straight to the firing squad
Too Big To Fail is
Too Big To Govern so
Too Big To Allow
Break Them Up World Wide
And monitor for anti-trust collusion.
Proscecutors consider manipulating LIBOR a crime.
So how is the Fed manipulating the Fed funds rate not also a crime? It is.
Supressing interest rates with Interest Rate Swaps is fraud since the issuer knows the swaps can not be unwound.
When the Fed says they intend to unwind the swaps, they lie. They know they can not.