UBS has reportedly agreed to pay $450 million to settle a probe over LIBOR manipulation. Please recall that Barclays was reprimanded by officials at the BOE for NOT manipulating their LIBOR rates as effectively as their counterparts at Goldman Sachs and JP Morgan Chase, and yet to no surprise, not a single one of the most egregious manipulators have been charged by authorities.
Supposedly Chilton, Gensler, Shapiro, and the rest of the CFTC are still investigating… at least until the story is completely forgotten by the financial MSM.
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. [Read more...]