Ah, so many thieves, so little time. I’m not a big fan of fines that get thrown around as punishment for crimes. But, it’s worth keeping a tally anyway.
UBS, the Swiss banking giant, is close to reaching settlements with American and British authorities over the manipulation of interest rates, the latest case in a multiyear investigation that has rattled the financial industry and spurred a public outcry for broad reform.
UBS is expected to pay more than $450 million to settle claims that some employees reported false rates to increase the bank’s profit, according to officials briefed on the matter who spoke on the condition of anonymity because the talks were private.
If the bank agrees to the deals with various authorities, the collective penalties would yield the largest total fines to date related to the rate-rigging inquiry and would increase the likelihood that other financial institutions would face stiff penalties. Authorities dealt their first blow in the rate-rigging case in June when the British bank Barclays agreed to a $450 million settlement.
So, that’s close to a billion dollars — all of which will be paid by shareholders, or customers. Not by the criminals who pulled off these capers.
And there’s another bad boy under the microscope:
And now, Mr. Hadden is under investigation over his trading in Treasury futures while at Goldman, according to a regulatory filing.
Specifically, regulators at the CME Group, which runs commodity and futures exchanges, are investigating whether Mr. Hadden’s purchases or sales of Treasury futures late in the trading day manipulated closing prices in the market and, in turn, made other of his trades more profitable, according to people briefed on the matter who were not authorized to speak publicly.
A never-ending flood of these creeps.