Why is Social Security on the Deficit Discussion 'Table'? SS Had Zero To Do With the Deficit.

[Octafish]

71. Here's what should be on the table -- the ones who took it.

UBS Libor-rigging settlement exposes pervasive bank fraud

By Andre Damon
wsws.og
20 December 2012

UBS, the largest bank in Switzerland, announced Wednesday it had agreed to a $1.5 billion settlement with regulators in three countries, admitting that between 2005 and 2010 it intentionally manipulated the London Interbank Offered Rate (Libor), the most important global interest rate.

A report issued by the British Financial Services Authority (FSA) on the settlement provides voluminous documentation, in the form of emails and instant message exchanges, of the falsification on virtually a daily basis of UBS' submissions to the British Bankers’ Association (BBA), which oversees Libor.

The settlement comes six months after a $450 million deal between regulators and Barclays, the fourth-largest global bank, to settle charges that it similarly manipulated Libor.

UBS and Barclays are among some 20 major financial institutions under investigation for colluding to manipulate the benchmark rate, including HSBC, Royal Bank of Scotland, Deutsche Bank, Credit Suisse, Bank of Tokyo-Mitsubishi, Sumitomo Mitsui, JPMorgan Chase, Citigroup and Bank of America.

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http://wsws.org/en/articles/2012/12/20/libo-d20.html

Thank you for standing up to them, Sabrina1.