Go Back   English Forum Switzerland > Living in Switzerland > Swiss politics/news  
Reply
 
Thread Tools Display Modes
  #1  
Old 19.12.2012, 09:29
cdcdoc's Avatar
Forum Veteran
 
Join Date: Mar 2010
Location: Fehraltorf / ZH
Posts: 884
Groaned at 27 Times in 23 Posts
Thanked 916 Times in 455 Posts
cdcdoc has a reputation beyond reputecdcdoc has a reputation beyond reputecdcdoc has a reputation beyond reputecdcdoc has a reputation beyond reputecdcdoc has a reputation beyond repute
UBS fined $1.5bn for Libor rigging

Swiss banking giant UBS has agreed to pay $1.5bn (£940m) to US, UK and Swiss regulators for attempting to manipulate the Libor inter-bank lending rate.

http://www.bbc.co.uk/news/business-20767984
Reply With Quote
  #2  
Old 19.12.2012, 09:50
Meeyat's Avatar
Forum Veteran
 
Join Date: Jul 2010
Location: Basel
Posts: 680
Groaned at 18 Times in 11 Posts
Thanked 874 Times in 349 Posts
Meeyat has a reputation beyond reputeMeeyat has a reputation beyond reputeMeeyat has a reputation beyond reputeMeeyat has a reputation beyond reputeMeeyat has a reputation beyond repute
Re: UBS fined $1.5bn for Libor rigging

Good! I think that UBS has become too powerful and too careless.

They need to get their act together; first the "rogue trader" (3.4 billions loss), then Libor manipulation. And it seems also that lots of people are complaining on this forum that UBS is overcharging them for their services.

Perhaps they don't need to have a bank in every town and village in the fanciest location (and have Swiss government bailing them out at times); but rather to work on their internal ethical values.

I am UBS customer, though, but I will not be for long. I dont like their practices.
Reply With Quote
This user would like to thank Meeyat for this useful post:
  #3  
Old 19.12.2012, 10:56
diamondscan's Avatar
Senior Member
 
Join Date: Jul 2008
Location: Zürich
Posts: 281
Groaned at 12 Times in 4 Posts
Thanked 110 Times in 65 Posts
diamondscan has become a little unpopulardiamondscan has become a little unpopular
Re: UBS fined $1.5bn for Libor rigging

Saw this on CBS today. Very interesting. http://www.cbsnews.com/8301-500395_162-57559939/ubs-to-pay-$1.5b-in-fines-for-libor-rate-manipulation/

Supposing that UBS is one of the only banks that still accepts Americans for mortgages, I am probably screwed when we need to start our libor. Great!

I have to sort of wonder at this point how I am even a customer at this crazy bank. I need to switch to Post before they boot Americans out of all kinds of accounts!
Reply With Quote
  #4  
Old 19.12.2012, 11:55
dino's Avatar
Forum Veteran
 
Join Date: Feb 2006
Location: Zurich
Posts: 1,631
Groaned at 31 Times in 24 Posts
Thanked 1,279 Times in 628 Posts
dino has a reputation beyond reputedino has a reputation beyond reputedino has a reputation beyond reputedino has a reputation beyond reputedino has a reputation beyond repute
Re: UBS fined $1.5bn for Libor rigging

I am seriously impressed by UBS.

how clever do you have to be to be this bad at what you do, to screw up this often, to lose billions every year - in good markets and bad, take home a huge pay packet, and then when shit hits the fan - to get the government to bail you out?
Reply With Quote
The following 4 users would like to thank dino for this useful post:
  #5  
Old 19.12.2012, 11:57
Sbrinz's Avatar
RIP
 
Join Date: Oct 2011
Location: Murten - Morat
Posts: 11,866
Groaned at 563 Times in 354 Posts
Thanked 11,548 Times in 5,941 Posts
Sbrinz has a reputation beyond reputeSbrinz has a reputation beyond reputeSbrinz has a reputation beyond reputeSbrinz has a reputation beyond reputeSbrinz has a reputation beyond reputeSbrinz has a reputation beyond repute
Re: UBS fined $1.5bn for Libor rigging

I am a recovering UBS customer. I tell ya, it IS painless. Just write them a letter and then join Post Finance. Your life will change for the better!
Reply With Quote
The following 3 users would like to thank Sbrinz for this useful post:
  #6  
Old 19.12.2012, 15:01
Forum Veteran
 
Join Date: Mar 2010
Location: Geneva
Posts: 627
Groaned at 64 Times in 34 Posts
Thanked 447 Times in 238 Posts
saiya-jin has earned the respect of manysaiya-jin has earned the respect of manysaiya-jin has earned the respect of many
Re: UBS fined $1.5bn for Libor rigging

Well UBS is far from representing true Swiss values to outside world. But this concrete scandal involves all major banks out there (at least within europe). Barclays was the first to be fined, but investigations went on since 2009 I think. Rest of pack will sooner or later follow.
That's what you get when hiring spineless arrogant management which appears sharp but only cares about imminent bonus entitlement. Which might not be bad generally, if bonuses were related to LONG-TIME performance and actually adhering to some basic moral principles. And I fail to see this happening anywhere.
Reply With Quote
The following 2 users would like to thank saiya-jin for this useful post:
  #7  
Old 19.12.2012, 16:22
Mica's Avatar
Forum Veteran
 
Join Date: Oct 2007
Location: Zurich
Posts: 936
Groaned at 1 Time in 1 Post
Thanked 1,199 Times in 534 Posts
Mica has a reputation beyond reputeMica has a reputation beyond reputeMica has a reputation beyond reputeMica has a reputation beyond reputeMica has a reputation beyond repute
Re: UBS fined $1.5bn for Libor rigging

Hmmm.... the Swiss authorities are not getting a big cut.
Reply With Quote
This user would like to thank Mica for this useful post:
  #8  
Old 19.12.2012, 16:37
Forum Veteran
 
Join Date: Mar 2010
Location: Greater Zürich Area
Posts: 996
Groaned at 130 Times in 81 Posts
Thanked 812 Times in 433 Posts
EPMike has a reputation beyond reputeEPMike has a reputation beyond reputeEPMike has a reputation beyond reputeEPMike has a reputation beyond repute
Re: UBS fined $1.5bn for Libor rigging

Quote:
View Post
Swiss banking giant UBS has agreed to pay $1.5bn (£940m) to US, UK and Swiss regulators for attempting to manipulate the Libor inter-bank lending rate.

http://www.bbc.co.uk/news/business-20767984
Am I the only one asking myself where do those 1.5bn go? I mean by manipulating Libor they "cheated" a lot of customers. Shouldn't those customers be compensated instead?
Reply With Quote
This user would like to thank EPMike for this useful post:
  #9  
Old 19.12.2012, 18:29
bubbles4352's Avatar
Forum Veteran
 
Join Date: Jan 2007
Location: Zurich
Posts: 572
Groaned at 0 Times in 0 Posts
Thanked 174 Times in 108 Posts
bubbles4352 is considered knowledgeablebubbles4352 is considered knowledgeablebubbles4352 is considered knowledgeable
Re: UBS fined $1.5bn for Libor rigging

It's mentioned on the UBS website too...
Reply With Quote
  #10  
Old 19.12.2012, 18:38
Forum Veteran
 
Join Date: Mar 2010
Location: Geneva
Posts: 627
Groaned at 64 Times in 34 Posts
Thanked 447 Times in 238 Posts
saiya-jin has earned the respect of manysaiya-jin has earned the respect of manysaiya-jin has earned the respect of many
Re: UBS fined $1.5bn for Libor rigging

Quote:
View Post
Am I the only one asking myself where do those 1.5bn go? I mean by manipulating Libor they "cheated" a lot of customers. Shouldn't those customers be compensated instead?
Nope, this is hard cruel reality... government will snatch any money sticking out of your pocket until you lie homeless in streets. In this case, US government which will pay additional week or two of its "peace" missions all over the world (or more precisely, oil-rich & strategically important places). Who cares about common people? Certainly not politicians, at least not unless elections are coming.

Talk about Swiss neutrality
Reply With Quote
  #11  
Old 20.12.2012, 00:34
marton's Avatar
Forum Legend
 
Join Date: May 2008
Location: Kt. Zürich
Posts: 11,626
Groaned at 580 Times in 488 Posts
Thanked 20,924 Times in 10,991 Posts
marton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond repute
Re: UBS fined $1.5bn for Libor rigging

Quote:
View Post
Hmmm.... the Swiss authorities are not getting a big cut.
About "the Swiss authorities are not getting a big cut"

Well they know they will have to pay so it would just be moving from one pocket to another!
Reply With Quote
  #12  
Old 20.12.2012, 01:36
Senior Member
 
Join Date: Jul 2012
Location: Zurich
Posts: 389
Groaned at 107 Times in 47 Posts
Thanked 211 Times in 120 Posts
Burner is considered unworthyBurner is considered unworthyBurner is considered unworthyBurner is considered unworthyBurner is considered unworthy
Re: UBS fined $1.5bn for Libor rigging

Quote:
View Post
Well UBS is far from representing true Swiss values to outside world. But this concrete scandal involves all major banks out there (at least within europe). Barclays was the first to be fined, but investigations went on since 2009 I think. Rest of pack will sooner or later follow.
That's what you get when hiring spineless arrogant management which appears sharp but only cares about imminent bonus entitlement. Which might not be bad generally, if bonuses were related to LONG-TIME performance and actually adhering to some basic moral principles. And I fail to see this happening anywhere.
The word that describes them is highlighted in bold.
The thing is, if they were actually good, or even just okay, at what they do, the arrogance might be acceptable. But they aren't and it isn't.
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
LIBOR mortgage - best spread Phil_MCR Finance/banking/taxation 17 23.01.2015 20:01
UK Plans Arrest of former Libor UBS Traders jdeere765 Swiss politics/news 0 10.11.2012 01:51
CHF 3-month LIBOR still creeping up Phil_MCR Finance/banking/taxation 32 16.07.2012 12:05
Buffet: I want to invest $5BN please [Bank of America] The_Love_Doctor Finance/banking/taxation 2 25.08.2011 17:33
Gazprom seals $2.5bn Nigeria deal Castro International affairs/politics 3 26.06.2009 23:25


All times are GMT +2. The time now is 11:43.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0