UBS are getting hammered (as they should be):
“ZURICH–UBS AG (UBS) is close to a settlement with U.S. and U.K. authorities and is expected pay more than $450 million over claims that some of its employees reported false Libor rates to boost the bank’s profit, the New York Times reported Sunday, citing anonymous officials briefed on the matter.
If the Zurich-based bank agrees to the deals with various authorities, the collective penalties would yield the largest total fine to date related to the rate-rigging inquiry and would increase the likelihood that other financial institutions would face stiff penalties, it reported.
UBS wasn’t immediately available to comment on the report.
Authorities dealt their first blow in the rate-rigging case in June, when U.K. bank Barclays Plc (BARC.LN) agreed to a $450 million settlement.
U.S. officials are hoping to complete a deal with UBS by the middle of the month, according to officials briefed on the matter, the paper reported.”
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