• 13 Jun 2014 at 1:00 PM

Settlement Watch ’14: UBS

The Swiss may be parting with $8 billion in the near term, approximately $6.5 billion more than it was aiming for.

UBS could end up paying a whopping $8 billion in fines to settle a probe into rigged currency markets β€” that’s more than five times what it paid to settle charges it manipulated interest rates, according to a research report. The Swiss bank had reportedly been cooperating with regulators in the US and UK in hopes of getting a lenient fine. UBS self-reported its manipulation of WM/Reuters exchange rates, hoping that a confession of its wrongdoing would absolve it from punishment. The bank paid about $1.5 billion in fines for rigging Libor, the interest rate used by banks on trillions of dollars of loans made to other banks.

UBS may face $8B in fines to settle currency probe [NYP]

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Comments (5)

  1. Posted by guest | June 13, 2014 at 1:17 PM

    UBS sucks.

  2. Posted by Shaz's beard | June 13, 2014 at 1:27 PM

    Just think of how many Honda Civics and 'Ludes were purchased as a result of those manipulated rates.

    UBS sucks.

  3. Posted by UBS Soupline Quant | June 13, 2014 at 2:31 PM

    Jesus, why did they even bitter with TARP,. There are going to be long govt cheese lines coming. William Wallace is going to visit BNP, UBS and C in the next few months. Damn shame.

  4. Posted by Shank | June 13, 2014 at 11:27 PM

    > UBS self-reported its manipulation of WM/Reuters exchange rates, hoping that a confession of its wrongdoing would absolve it from punishment.

    IDIOTS. FREAKING IDIOTS. CONGRATULATIONS UBS, U R NOW THE STREET'S BIATCH.

    Let me explain using an extract from how to survive in prison:

    You use the restroom and you forget to clean up after yourself. Another
    inmate that has been waiting for you to finish comes in and sees this. Now
    he can't use the restroom until your mess is cleaned up but he's not going
    to clean it himself. What he will do is go and find you and tell you to 'go
    and clean your f**king mess up'. Now if you do clean it after the other
    inmate told you this in front of every one then you will be thought of as
    someone who can be pushed around and if you don't clean it you will have to
    fight this inmate. If you admit that the mess was your fault then you have
    branded yourself a pussy who can now be treated as such. And we all know
    what happens to pussy in a prison.

    This is looked at as a bad thing because the other inmates may see this as
    you letting someone tell you what to do and then they'll try to do the
    same. This type of people who let the other inmates tell them what to
    do have the lowest rank in prison (right above snitches and s3x offenders).
    I hope that none of you are s3x offenders but if you are then you will get
    what you deserve when you get caught and this will not help you in
    any way.

  5. Posted by Adiauddin. | June 16, 2014 at 2:50 AM

    Salam semoga sukses