von gestern, manipuliert sich schuldig bekannt!
Justice Department Crackdown on Big Banks, Might Prosecute UBS
May 14, 2015 By Ismael Hughes 0 Comments
UBS Group AG is expected to plead guilty on charges of manipulating foreign currencies and rigging the benchmark interest rates. However, UBS’ plea is believed to be only the beginning, as the Justice Department is also in settlement talks with four other major banks.
U.S. regulators are in the process of hearing guilty pleas from five of the largest banks in the world. Besides UBS, there are also JPMorgan Chase, Citigroup, Barclays and Royal Bank of Scotland involved, all of them standing accused of an array of antitrust and currency rigging charges. The U.S. Justice Department is expected to make an announcement next week, revealing the terms of each settlement.
The Justice Department will decide not only how much the banks will have to pay for their misconduct, but also if they will be allowed to operate on U.S. territory in the future. Except for UBS, the giants will probably get off easy, and a collective several million dollar fine will have to make do.
But things won’t go as easy for UBS, analysts believe. The bank has just been pardoned recently by the Justice Department, for its role in the 2012 manipulation of London’s interbank rates. UBS vowed not to break the law again, and in return prosecutors agreed not to press charges against the group.
In the current context, however, prosecutors seem ready to argue that UBS broke the December 2012 agreement, and many experts believe the Justice Department will not settle for the (estimated) 500 million dollars fine only. UBS could be forced to operate under federal supervision from now on, at least for a while.
So far, there are only speculations on the latter issue, as neither party denied or confirmed anything. Both UBS spokeswoman Karina Byrne and Justice Department official Peter Carr refrained from making any comments in the press. |
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