The European Union Catches the Banks Holding Hands

By: Saturday December 14, 2013 2:38 pm

Early in the summer of 2012, Bob Diamond was an American banker with a talent for making numbers say what he wanted them to say. He was legit and was sitting in the catbird seat at Barclays Bank UK. He’d made $100 million over the previous six years.

A few weeks later, in early July, the world had flipped. Instead of sitting at his desk at Barclays Diamond was answering questions from a Parliamentary committee investigating LIBOR rate-fixing in 2008. A week after that he was out of work.

 

National Credit Union Administration Sues Wall Street Banks For Fraud In Mortgage Market

By: Tuesday September 24, 2013 8:35 am

The National Credit Union Administration (NCUA), a government regulator, has filed a lawsuit against Morgan Stanley, Barclays, JPMorgan, Credit Suisse, Royal Bank of Scotland Group, and UBS for selling fraudulent mortgage-backed securities to credit unions. The sales of these securities amounted to $2.7 billion. Goldman Sachs, Wachovia, Wells Fargo, and Ally Securities also allegedly sold faulty securities according to one of the credit unions involved in the lawsuit.

UBS Fined $1.5 Billion, Pleads Guilty to Fraud Charge in Libor Case

By: Wednesday December 19, 2012 2:40 pm

The Financial Times points out today that Tim Geithner, while heading the NY Fed, knew all about the Libor fraud at the major banks, and that traders were manipulating the rate purely to make money for themselves on various deals. This is a stronger charge than the idea that banks manipulated the rate for reasons of financial health, and Geithner knew it was happening. But he did nothing. As per usual.

First Libor Arrests Net Three Former Low-Level Traders

By: Wednesday December 12, 2012 12:05 pm

Maybe at some point, banks will face prosecution or at least fines in the Libor case. Everyone expects UBS, the Royal Bank of Scotland and several others to face some sort of sanction. But we’ve been hearing about imminent charges for months now, with nothing to show for it. Banks have individually terminated people they claim are responsible for the rate-rigging, but that internal discipline has been the only kind on offer.

UBS “Rogue Trader” Convicted for Fraud

By: Tuesday November 20, 2012 12:15 pm

Kweku Adoboli, the “rogue trader” who cost UBS billions of dollars with a bad trade in 2011, has been found guilty by a British court on two counts of fraud, while being acquitted on four other counts of false accounting.

Former UBS Traders Offered Deal in Libor Investigation

By: Thursday August 9, 2012 8:40 am

Several former traders at UBS have been offered a deal by federal prosecutors in the unfolding Libor scandal, which if we had a criminal justice apparatus dedicated to accountability would be a moment of hope for the potential of going up the chain and indicting those who authorized the rate-rigging. Under the deal, the US would waive the traders from criminal charges in exchange for their cooperation in the investigation.

A Dissenters’ Digest for July 22–August 4

By: Sunday August 5, 2012 7:00 pm

Is the tide turning on whistleblower rights?

There are signs of hope. First, ATF director B. Todd Jones clarified his remarks on what seemed to be a threat to his employees not to blow the whistle outside the chain of command. Now, Jones is reaffirming ATF employees’ rights under the Whistleblower Protection Act.

Romney’s 2010 Tax Return Lacks Disclosure on Swiss Bank Account

By: Wednesday July 18, 2012 12:35 pm

Just to follow up on this tax return issue that is playing havoc with Mitt Romney’s Presidential campaign, it turns out that the returns he claimed to have fully disclosed were not fully disclosed. He left out the part that describes the role of his Swiss bank account.

Libor Prosecutions: The October Surprise for Bankster Accountability?

By: Sunday July 15, 2012 11:50 am

A former prosecutor did suggest to me last month that the Administration wouldn’t have thrown together a financial fraud task force, and revive it earlier this year, if they didn’t have some prosecutions waiting on the runway. Libor could be those prosecutions. It wouldn’t surprise me at all.

Cheney/Obama Justice: 3 Detainees + 1 Jailed Whistleblower = 19,000 Rich Tax Cheats

By: Saturday January 22, 2011 1:00 pm

As a July 1, 2009 WikiLeaks cable released by Norway’s Aftenposten makes clear, the U.S. and Switzerland included the acceptance of three Gitmo detainees and a settlement in a suit accusing UBS of harboring tax cheats — along with an effort to shut down a Swedish company’s business with Iran — in negotiations “resolving all issues between our countries.” Favors involved in this deal may go deeply both ways: among those reportedly involved in the UBS scandal were American politicians.

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