UBS Criminal Charge In Libor Settlement Breaks Taboo, Signals More Arrests Coming

Even though it is not really surprising, the sheer scope and audacity of the market manipulation involved in the latest bank scandal still manages to inspire awe.

As was widely expected, regulators in the U.S., U.K. and Switzerland Wednesday morning announced they were forcing Swiss bank UBS to cough up $1.5 billion to settle charges that its traders manipulated the world’s most important interest rates perpetually over a stretch of five years.

According to the regulators, at least 45 different managers and traders were involved in a scheme to manipulate key benchmark lending rates known as Libor and Euribor, which affect “hundreds of trillions of dollars of financial contracts around the world,” notes David Enrich of the Wall Street Journal.

Read at HuffPost

Posted on December 19, 2012, in Politics. Bookmark the permalink. Leave a comment.

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