BERLIN (AP) — Swiss bank UBS says it is pleading guilty to wire fraud and is paying $545 million to settle U.S. cases of market manipulation.
The bank said Wednesday that under the deal with U.S. authorities it will be granted conditional immunity from prosecution in a Department of Justice probe on the manipulation of foreign exchange rates. UBS AG said it was the first to report to the DOJ potential misconduct by banks in forex markets.
It will however pay a $342 million fine to the Federal Reserve.
It will separately pay a $203 million fine to the DOJ for manipulating a key market interest rate called the London Interbank Offered Rate.
The bank said “the conduct of a small number of employees was unacceptable and we have taken appropriate disciplinary actions.”
http://cnsnews.com/news/article/swiss-bank-ubs-settles-us-legal-cases-545-million
Another slap on the hand and don’t ever do this sort of thing again because we will be watching you and all that bs. What a load of crap…even the criminals here weren’t expecting such an outcome in their favor. It all goes back to what Holder has said publicly about not being able to prosecute these banksters and the reasons he had as to why. Meanwhile financial repression for the bottom continues.
another payoff to the mob bosses……..one of which is the DOJ