Originally Posted by Ross
I will believe it when I see it .
Reuters/Zerohedge say criminal charges are imminent over LIBOR fixing .
IMO somebody is dreaming . I can think of dozens of reasons why this
is going to fail but the one that intrigues me most is where would they
find a jury capable of understanding and confident enough to bring in a
guilty verdict . I listen to these top bankers talk and they run rings around
the panels interrogating them . Not only do they have deep knowledge
of complicated subjects but their high IQ and experience enables them
to render ridiculous most attempts to identify guilt .
You were saying?
Election is over and here you are.
UBS latest bank to be hit with multimillion Libor fine
Swiss bank prepares to pay a fine of around £630m for rigging Libor, a fresh embarrassment after the Kweku Adoboli trading scandal
UBS was the first bank globally to report suspected rate rigging. Photograph: Arnd Wiegmann/Reuters
Banks face another big hit to their reputation as UBS
of Switzerland prepares to pay a fine of around £630m for rigging Libor
– more than twice the amount Barclays
paid for attempting to manipulate the key interest rate.
Details of the settlement with the Financial Services Authority and a number of US and Swiss regulators are expected to be released next week. The news will be a fresh embarrassment for the Swiss bank after Kweku Adoboli, a former employee, was jailed for fraudulent trading last month.
The potential scale of the fine emerged during a week in which the Serious Fraud Office made its first arrests in the Libor scandal and two British banks – Standard Chartered and HSBC – paid out a total of more than £1.6bn to settle damaging allegations of money laundering and sanctions busting from the US authorities.