kallend 2,182 #1 December 19, 2012 dealbook.nytimes.com/2012/12/19/as-unit-pleads-guilty-ubs-pays-1-5-billion-in-fines-over-rate-rigging/ "In a sign that officials are increasingly taking a hard line against financial wrongdoing, the Justice Department also filed criminal charges against two former UBS traders " Maybe if some senior executives crooks go to jail we might start to see some improvements.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
beowulf 1 #2 December 19, 2012 Only a very minimal sign. The Too Big To Jail are still around. Quote Share this post Link to post Share on other sites
lawrocket 3 #3 December 19, 2012 A $1.5 billion fine is a pretty big deal. It sure would be nice if the governments gave that money to those wronged. The governments will most likely keep it for itself, though. It's also interesting that in the matter of Libor it is fat cats screwing hedge funds and the like. My wife is hotter than your wife. Quote Share this post Link to post Share on other sites
SkyDekker 1,465 #4 December 19, 2012 QuoteIt sure would be nice if the governments gave that money to those wronged. The governments will most likely keep it for itself, though. I agree. But then I also feel that lawyers shouldn't get such a big percentage of class action suits either. Quote Share this post Link to post Share on other sites
Bertt 0 #5 December 20, 2012 There are a lot of people who could be hurt by that. Everything from setting adjustable interest rates to figuring the present value of an annuity could be affected.You don't have to outrun the bear. Quote Share this post Link to post Share on other sites
weekender 0 #6 December 20, 2012 QuoteA $1.5 billion fine is a pretty big deal. It sure would be nice if the governments gave that money to those wronged. The governments will most likely keep it for itself, though. It's also interesting that in the matter of Libor it is fat cats screwing hedge funds and the like. 1.5 bill is not really a big deal when you consider that the major institutions have about 10bill in litigation reserves at all times. just for some perspective. the traders in this case are being charged with a crime because they actually committed one. I'm glad to see its not just a fine and or suspension because what they did was so blatant and deserving of a severe punishment. colluding markets is about a wrong as you can get if your a market maker. the CTFC really dropped the ball and IMO this would never have gone unnoticed by FINRA, who regulates the equity markets. as far as a class action i do not believe that applies to a situation like this. the monies go to the CTFC, who should actually have been charged and fined for failure to catch them, imo. that cannot happen but would be nice if there was some super regulator they reported to. the the balance of monies go to the Dept of Justice. which will just give it to the treasury. there might be some minor players here but thats the gist of it. since its nearly impossible to find true victims, no one gets a payout. this was a crime against the markets, not so much a crime against a person."The point is, I'm weird, but I never felt weird." John Frusciante Quote Share this post Link to post Share on other sites
weekender 0 #7 December 20, 2012 Quotedealbook.nytimes.com/2012/12/19/as-unit-pleads-guilty-ubs-pays-1-5-billion-in-fines-over-rate-rigging/ "In a sign that officials are increasingly taking a hard line against financial wrongdoing, the Justice Department also filed criminal charges against two former UBS traders " Maybe if some senior executives crooks go to jail we might start to see some improvements. imo, its not a good sign or bad. this was such an obvious violation that it was given there would be severe punishment. they colluded to fix the market. thats right out of a movie or the 1990's. the real story is that the CTFC didnt catch them right away. lay people arent discussing that because they dont understand the markets. your funny, you post these stories all the time and seem to love to lump all bankers together but miss what i would consider the obvious headlines. i was waiting for you to post about Stevie Cohen but never did. it shows me you understand math well but finance, not so much. thats not meant to be mean. im just saying there are a lot of real stories of bad guys that you miss because this is just a hobby for you. my point is, for someone who loves to point this stuff out you really miss a lot of lay ups."The point is, I'm weird, but I never felt weird." John Frusciante Quote Share this post Link to post Share on other sites
kallend 2,182 #8 December 20, 2012 QuoteQuotedealbook.nytimes.com/2012/12/19/as-unit-pleads-guilty-ubs-pays-1-5-billion-in-fines-over-rate-rigging/ "In a sign that officials are increasingly taking a hard line against financial wrongdoing, the Justice Department also filed criminal charges against two former UBS traders " Maybe if some senior executives crooks go to jail we might start to see some improvements. imo, its not a good sign or bad. this was such an obvious violation that it was given there would be severe punishment. they colluded to fix the market. thats right out of a movie or the 1990's. the real story is that the CTFC didnt catch them right away. lay people arent discussing that because they dont understand the markets. your funny, you post these stories all the time and seem to love to lump all bankers together but miss what i would consider the obvious headlines. i was waiting for you to post about Stevie Cohen but never did. it shows me you understand math well but finance, not so much. thats not meant to be mean. im just saying there are a lot of real stories of bad guys that you miss because this is just a hobby for you. my point is, for someone who loves to point this stuff out you really miss a lot of lay ups. It's not my day job to catch crooks. I just wish that more of the big time financial scammers spent time in prison with Bubba instead of taking home their multi $million bonuses.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
weekender 0 #9 December 20, 2012 "I just wish that more of the big time financial scammers spent time in prison with Bubba instead of taking home their multi $million bonuses." That would upset me too if it was true. in 20 years i have never seen anyone get a million dollar bonus who committed a crime. i have heard alot of people complain that others dont deserve their bonus for a number of reasons. including accusing them of wrong doing or as you say scamming. its just jealousy though."The point is, I'm weird, but I never felt weird." John Frusciante Quote Share this post Link to post Share on other sites
