Main three culprits in Libor scandal ID'ed - Barclay's, UBS, and Royal Bank of Scotland

[banned from Kos]

http://finance.yahoo.com/news/insight-least-three-banks-seen-063743553.html

(Reuters) - New details from court documents and sources close to the Libor scandal investigation suggest that groups of traders working at three major European banks were heavily involved in rigging global benchmark interest rates.

Some of those traders, including one who used to work at Barclays Plc in New York, still have senior positions on Wall Street trading desks.

Until now, most of the attention has involved traders at Barclays, which last month reached a $453 million settlement with U.S. and UK authorities for its role in the manipulation of rates. Now, it is becoming clear that traders from at least two other banks - UK-based Royal Bank of Scotland Group Plc and Switzerland's UBS AG - played a central role.

No US based bank will be seriously affected by this scandal (for those who hoped for such).

[dballance]

1. Seriously? BofA, JPMorgan and Citi weren't big enough bad actors this time?? /eom

[Hassin Bin Sober]

2. Are there any dirty dealings UBS "ISN'T" involved in?

[sibelian]

3. Bank of Sodding Scotland again!!! I'm ASHAMED TO BE SCOTTISH!

Useless jerks. BAH!

[snot]

4. F.w.i.w., those banks received U.S. bailout funds:

See http://www.bloomberg.com/news/2011-08-21/wall-street-aristocracy-got-1-2-trillion-in-fed-s-secret-loans.html :

Almost half of the Fed’s top 30 borrowers, measured by peak balances, were European firms. They included Edinburgh-based Royal Bank of Scotland Plc, which took $84.5 billion . . . .

http://townhall.com/columnists/rachelalexander/2012/07/19/tarp_banks_caught_falsifying_interest_rates_in_libor_ratesetting_scandal/page/full/ :

Barclays received $8.5 billion in bailouts from the U.S. bailout of AIG. Meanwhile, it continued giving generous bonuses to executives.

http://www.revengeis.com/2009/04/ubs-uses-tarp-funds-to-pay-fine-for-promoting-us-tax-evasion :

Last fall, USB agreed to pay the US $780 million in fines for its promotion of this tax evasion but it continues to refuse to turn over the identity of the tax-evading taxpayers. It turns out that US taxpayers are paying UBS’s fine for its promotion of and complicity in this blatant and widespread tax evasion, which has cost the US Treasury millions of dollars of unpaid taxes by wealthy taxpayers. (As a result of this case, Switzerland has agreed to new treaty provisions that will significantly erode its historic bank secrecy laws.)

And how is this happening? UBS is one of the biggest counterparties to credit default swaps entered into by AIG who received TARP funds (i.e. taxpayer money) from AIG. AIG received more than $150 billion in TARP funds so far since it is “too big to fail” and used $100 billion of that to pay Goldman Sachs, Merrill Lynch, Deutsche Bank, and other banks for amounts they claimed AIG owed under credit default swaps entered into with them. As one of AIG’s biggest counter parties, UBS received $5 billion from AIG when it dolled out its TARP funds to counterparties and it appears that part of UBS’s share was used to pay its $780 million fine for promoting tax evasion.

[banned from Kos]

5. Fed loans - not TARP. But yeah, they got some US loans.

But RBS is chartered as a US bank.

Glad to take their interest money from them anyway.

[snot]

6. thx; corrected.

[pscot]

7. UBS has been at th ecenter of every major bank scandal

in the last 25 years. It's an ongoing criminal conspiracy. They run a racket, not a bank.