Swiss banking giant UBS to pay $1.5 billion for manipulating LIBOR

Crime Dec. 20, 2012 - 07:04AM JST ( 5 )

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The passageDec. 20, 2012 - 10:23AM JST

The FSA release quotes some of the communications between firms as this went on. One passage clearly say "you scratch my back...". I hope individuals are also held to account, otherwise it will happen again very soon, and very often.
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wtfjapanDec. 20, 2012 - 11:09AM JST

$1.5billion seems a fair penalty, now if only Japanese regulators had the gonads to give out fines to match, maybe 1.5billion yen LOL
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TumbleDryDec. 20, 2012 - 05:39PM JST

Swiss banks are cash cows when it comes litigations. Well, they shouldn't have been involved in that manipulation in the first place.

Only problem, where is the money is coming from? Well, smaller accounts. Big ones are not touched, so they don't withdraw their cash. UBS and other banks are basically an elaborate ponzi schemes. I don't trust them.
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walteryDec. 20, 2012 - 06:57PM JST

Pittance in the the scheme of there business.
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RedcliffDec. 21, 2012 - 01:34PM JST

All these regulators really have to have a good look at themselves. Their monitoring and detecting system are in need of upgrading.