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Ubs Company

BUSINESS
December 19, 2012 | By Jim Puzzanghera
WASHINGTON -- U.S. officials said Wednesday that banking giant UBS was motivated by "sheer greed" in rigging a key global interest rate and that the $1.5 billion in penalties the firm agreed to pay sends a strong message to the financial industry. The UBS settlement, which includes the company pleading guilty to felony wire fraud charges, follows a $450-million fine against British bank Barclays in the scandal over manipulating the London Interbank Offered Rate, known as Libor. The settlement involved U.S., British and Swiss authorities.
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