UBS faces $1.5 billion day of reckoning over Libor rate rigging..Libor connection to massacres in the USA?

Signs are seen on the outside of Swiss bank UBS in central London

http://uk.reuters.com/article/2012/12/17/uk-ubs-libor-fine-idUKBRE8BE05L20121217

UBS AG will pay around $1.5 billion to settle charges that a group of traders at its Japanese unit rigged Libor interest rates, a source familiar with the matter said on Monday as the Swiss bank prepares for a deal with regulators.

The fine, to be imposed by the United States and Britain, would be the latest blow to UBS after a $2.3-billion rogue trading loss in London last year, a $780-million fine after a U.S. tax investigation in 2009 and its near collapse in 2008 under the weight of losses on U.S. sub-prime mortgage lending.

UBS will admit that roughly 36 of its traders around the globe manipulated yen Libor between 2005 and 2010, according to the source, with a final deal not expected before Wednesday.

The source said settlement talks are now centring on a fine in the region of $1.5 billion – somewhat higher than source were predicting last week and three times the $450 million levied on British bank Barclays Plc in June for similar manipulation of benchmark interest rates.

The fine against UBS, whose spokesman declined comment, would be the second-largest ever levied against a bank for wrongdoing, after Britain’s HSBC last week agreed to pay $1.92 billion to settle a probe in the United States into laundering money for drug cartels.

The stiff penalty would, however, have only a limited financial impact on UBS. It earned 4.233 billion Swiss francs ($4.59 billion) in net profit last year and the bank has spent much of this year and last bolstering its capital.

UBS shares, which hit their highest level in 18 months last week at 15.29 francs, were last down 0.8 percent at 14.92 francs, in line with a drop in the wider European bank index.

Paying $1.5 billion to settle the Libor probe would shave 50 basis points off UBS’s capital ratios, Kepler Capital Markets analyst Dirk Becker estimated: “Even after the fine, UBS would still be better capitalised than other banks.”

***

http://www.examiner.com/article/libor-scandal-grows-as-the-fathers-of-two-mass-murderers-were-to-testify

The father of Newtown Connecticut school shooter Adam Lanza is Peter Lanza who is a VP and Tax Director at GE Financial. The father of Aurora Colorado movie theater shooter James Holmes is Robert Holmes, the lead scientist for the credit score company FICO. Both men were to testify before the US Sentate in the ongoing LIBOR scandal. The London Interbank Offered Rate, known as Libor, is the average interest rate at which banks can borrow from each other. 16 international banks have been implicated in this ongoing scandal, accused of rigging contracts worth trillions of dollars. HSBC has already been fined $1.9 billion and three of their low level traders arrested.

————

libor..it comes across as boring..and people arent really interested..they should be..its the biggest fraud in the history of the world(beside the AGW swindle)..it involves sums of money that are 10 times more than the worlds GDP..and then we have the tie in with the massacres in the USA..i still want to see confirmation of both dads testifying until i believe it..

note ..i dont see anyone going to jail again..imagine if you committed fraud of 1.5 billion..would you do jail time?

401

About these ads

~ by seeker401 on December 21, 2012.

5 Responses to “UBS faces $1.5 billion day of reckoning over Libor rate rigging..Libor connection to massacres in the USA?”

  1. sorry man… the libor/shooting connection is sorcha faal disinfo. got picked up by a lot of alt sites, but it isn’t true. the question is, what are they trying to distract us from?

  2. “imagine if you committed fraud of 1.5 billion..would you do jail time?”

    in the times of ‘privately owned prisons’??? probably do time if you stole a candy bar!!

  3. There will be no arrests, there never is. When this stuff first came out they tried to sweep it under the rug.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
Follow

Get every new post delivered to your Inbox.

Join 920 other followers

%d bloggers like this: