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Swiss Bank UBS Fined $1.5 Billion for Interest Rate Manipulation

Posted December 19th, 2012 at 12:15 pm (UTC-5)
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Switzerland’s giant UBS bank is paying $1.5 billion in fines to international regulators after admitting its fraudulent role in rigging a key global interest rate for loans. UBS agreed Wednesday to pay the fines to U.S., British and Swiss authorities, along with pleading guilty to a fraud charge in the United States. Last June, American […]

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EU Calls for Criminal Penalties on Interest-Rate Rigging

Posted July 25th, 2012 at 12:55 pm (UTC-5)
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The European Union says manipulating a benchmark interest rate in London should be a criminal offense. The EU called on its 27 member states Wednesday to set criminal penalties for rigging interest rates to affect the LIBOR (the London Interbank Offered Rate), a key rate that is used worldwide to set borrowing costs on trillions […]

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