As Unit Pleads Guilty, UBS Pays $1.5 Billion Over Rate Rigging

Money2CEOs, CFOs managers and etc. in the world of money know what is happening under them. They come from the finest institutions and work their way up from the basement of money and learn all the in’s and out’s of money and its movement.

You can not have a coordinated movement of branches without direction and authority from the tope. Even given the fact that one or two branches of an international bank are making more than expected there is always an inquiry to see what is up and if so then how to capitalize on it throughout the business.

In all forms of illegal activity, as has been reported in the past and recorded in this blog, about 10 percent of the gains are set aside in some form as payment for a potential fine.

courtroomThe watch dogs make their share through the fines. According to the literature I have seen the fines going to the watch dogs and not the general revenue. It is sort of like an incestuous relationship and at the bottom of the food chain is the citizen who pays the bill of the illegal activity through higher interest rates and etc. In no case have I ever seen or heard of an effort to reimburse any victim of such crimes.

They pay for it by losing homes, incomes and retirements. You only have to look at one of the biggest that is about to emerge and that will be on Obamacare. The relationship of campaign donations and the medical service industry.

Money 1Find it hard to believe? “…in summer 2007, managers directed employees to “err on the low side” of Libor submissions, according to the Commodity Futures Trading Commission.  The employees followed orders, pushing UBS’ submissions”to the lowest quartile.”   As the problem continued, one senior UBS employee remarked, “senior management want to show the world we are the strongest bank with loads of liquidity.”

computer 1Some traders seemed to know their behavior could raise questions. One broker cautioned a UBS trader on his strategy, warning that it could look very “fishy. “I’d be v[ery] careful how you play it,” adding that it “might get people questioning you.”…‘ and then when the disclosures are eminent the small guys get thrown under the wheels: ‘….“We discovered behavior of certain employees that is unacceptable,” the chief executive of UBS, Sergio P. Ermotti, said in the statement. “We deeply regret this inappropriate and unethical behavior…’ and deals are cut‘….The Justice Department’s criminal division, which arranged the guilty plea and a $100 million fine from the Japanese subsidiary, also struck a non-prosecution agreement with the parent company. Need I say moreAs Unit Pleads Guilty, UBS Pays $1.5 Billion Over Rate Rigging and the beat goes on and on and on and on Evict Banks

This entry was posted in Corruption, The Problem. Bookmark the permalink.

Leave a Reply

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

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

Google photo

You are commenting using your Google 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 )

Connecting to %s