UBS traders charged, bank fined $1.5 billion in Libor scandal

Comments (20)
AlkalineState wrote:

The markets are not rigged. This is all a big misunderstanding.

Dec 18, 2012 7:21pm EST  --  Report as abuse
chaloms wrote:

this fine is ridiculously low compared to the profits of these bandits
In 2011 they posted profits in excess of 7 bn USD
A minimum fine should be 3 years of highest profits in past 10 years in order to be at least a bit effective
otherwise it is in their best interest and the public worst to continue cheating
and if they go under as a result of the fine, the better! It will teach a lesson to the other brigand-banks

Dec 19, 2012 1:56am EST  --  Report as abuse
DeSwiss wrote:

Keep the fines coming. Until they run out of cash.

I’m sure they’d get bailed out anyways……

Dec 19, 2012 2:46am EST  --  Report as abuse
matthewslyman wrote:

I thought this was a widespread fraud with many conspirators in different banks? Who else is getting fined? Are the fines in proportion with the culpability of the various parties, or is this exercise just another cross-border heist?

Dec 19, 2012 4:34am EST  --  Report as abuse
tmc wrote:

If corportions are people too, when do they go to jail?

Dec 19, 2012 5:38am EST  --  Report as abuse
reality-again wrote:

Banks don’t commit fraud.
People that work for banks commit frauds.
Fraud is a crime.
Let’s see the criminal indictments coming, and those fraudsters getting sent behind bars.

Dec 19, 2012 6:54am EST  --  Report as abuse
Neurochuck wrote:

The next generation of market rigging probably operates directly with the computer software, using encrypted messages, hidden in other data streams.
Using emails between boozing, bragging brokers is so 1980s.

Dec 19, 2012 7:17am EST  --  Report as abuse
Whittier5 wrote:

Billion?? Hopefully, a typo, no??

Don’t you mean Trillion??

Dec 19, 2012 7:46am EST  --  Report as abuse
JJP2 wrote:

All I want to know is why aren’t some of these criminal bankers going to jail. Paying fines is no punishment at all, these people could care less, it’s not their money, and they still get their outsized checks for doing wrong to everyone in the world.

Dec 19, 2012 7:48am EST  --  Report as abuse
samier wrote:

in sanskrit
kalyug is world of crooks
satyug is world of true peoples
welcome to the jungle of crooks

Dec 19, 2012 8:11am EST  --  Report as abuse
reality-again wrote:

With its history of assisting international tax fraud and money laundering, and its involvement in financial fraud, isn’t Switzerland comparable to Somalia?
Both Switzerland and Somalia are rogue countries, and the main difference between them is just the criminal activities their citizens specialize in: Sea piracy for the poor Somalis, and fraud for the lucky Swiss bankers.

Dec 19, 2012 9:12am EST  --  Report as abuse

Nothing a few guillotines wouldn’t fix. Screw the fines. I wanna see heads roll. Meanwhile, the US two tiered INjustice system routinely incarcerates Joe6pks to the full extent of the so called “law”. Make me puke. I don’t know what it’s gonna take for ‘merican citizens to wake up, but they better do it pretty quick. Frankly, it wouldn’t bother me to see these cockroaches hanging from lamp posts. ..for days. Same with the corrupt DOJ.

Dec 19, 2012 11:29am EST  --  Report as abuse
JayBee123 wrote:

If your Mom was the judge and your Dad was the jury and Oh year you Son would was the prosecutor…….

THIS would be the outcome of the biggest bank fraud in history.

Dec 19, 2012 11:41am EST  --  Report as abuse
ChangeWhat wrote:

Don’t pay your bills.
Don’t pay your taxes.
Don’t buy anything you don’t need.
Don’t pay your mortgages.

Pay nothing at all! The entire western world civilization should do the above starting on January 1st, 2013. A western world new years resolution to stop paying everything. See how the rich like that, enough of this rich getting a free pass out of jail. It’s %^$*&ing ridiculous now.

Dec 19, 2012 12:20pm EST  --  Report as abuse
AlkalineState wrote:

Poor banks. This must be very difficult for them.

Dec 19, 2012 12:58pm EST  --  Report as abuse
ConstFundie wrote:

People break laws not banks. Every individual including board members need to be personally fined and tried for fraud.

Dec 19, 2012 1:47pm EST  --  Report as abuse
AlkalineState wrote:

Have faith in the markets and in the exchanges. Honest people run them. Just send them your money and you could become rich!

Dec 19, 2012 5:50pm EST  --  Report as abuse
JamVee wrote:

So, jail time ??? I don’t see it mentioned! I don’t know about you, but I’d trade one strong wrist slap and a lost job for several million$ and a comfortable retirement.

Dec 19, 2012 7:54pm EST  --  Report as abuse
Reuters1945 wrote:

Re: “UBS traders charged, bank fined $1.5 billion in Libor scandal”
__________________________________________________________________

What a surprise. People whose entire existence and “raison d’etre”, 24/7, had no problem skimming a little cream off the top for themselves.

No doubt, in their sick, twisted minds, permeated with insatiable greed, they felt that what they were doing was a virtually “victimless”
crime where a difference of a few fractions of a per cent, up or down, really did not hurt anyone and was simply part of the equation of doing business as trillions of dollars went sloshing around the globe every 24 hours.

Remember the Corporate executive who says in the back of Danny DeVito’s limo, in “Other People’s Money”, as he sells out his own company: “Hey, after all, what’s in it for me ? ”

And then of course, we have to have that obligatory, tired old “Dog and Pony Show” from the worldwide “law enforcement community” to prove to the masses how they are so on top of the financial evil doers and how “there will be Justice”.

Except it is really about “Just Us”.

And the icing on the cake is that so many people have been wiped out during the past decade as the super rich became even more super rich, that a “billion dollar” fine sounds like a big deal to those who have nothing at all.

Of course the cost of such fines, that to the uninitiated seem so huge, are actually totally built into the bank’s cost of doing business. Notice how none of the bank’s stockholders are running for the exits. The ticker tapes hardly registered a ripple.

And observe how the penalty fines are never so high as to really rock anyone’s boat- or yacht, as the case may be. After all we do not want to overly upset the markets or the well being of the banks during these financially sensitive times, do we ? We have to keep our eyes on the big, long term picture.

The sayings that spring to mind are endless. Take your pick.

“Put the wolves in charge of the chicken coop.” Or how about
“Close the barn door after all the horses have run through the gate”.

Whenever you allow people to handle someone else’s money there will always be that little invisible bird sitting on their shoulder, whispering in their ear: “Hey what’s in this for us ?”

In 1750, a twelve year old boy was publicly hung in the center of London for stealing a loaf of bread.

It was felt that an example had to be made to discourage such behavior.

But in all likelihood that barbaric and gruesome execution did not put an end to starving children stealing bread. They just had to become more careful- as will the next generation of grifters at all the world’s banks.

And with millions of US Dollars, and British Pounds and Japanese Yen to be so easily acquired by pressing on little computer keys it is highly to be doubted that something short of a long rope with a good strong noose on the end, is going to alter anyone’s lust for wealth in the shady world of high finance at this late stage of the “game”.

The more the world changes- the more it stays the same, more is the pity.

Dec 19, 2012 11:34pm EST  --  Report as abuse
ASMAQA wrote:

I have dealt with many problems my clients encountered with managed portfolios with UBS. UBS’s policy used to be: take it or leave (it). Clients understand more and more what UBS means for them.
Asset Management Quality Assurence.

Dec 23, 2012 6:34am EST  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.