Wednesday, December 19, 2012

More Banksters walk, pay fine

The Swiss Bank UBS has agreed to pay a $1.5 Billion fine (chump change for those guys) and even thrown a couple of traders to the wolves, while negotiating immunity for the guys in charge during 10 years of criminal behavior.    According to the press, "The investigation revealed extensive misconduct stretching from 2001 to 2010 involving at least 45 UBS staff, including senior managers, who sought to influence rates to benefit the bank's trading positions and make it look stronger during the financial crisis.".  So how come there aren't 45 people in jail and the bank closed down?  If you or I committed crimes involving puny sums like $5,000, it would be a major felony worth years in prison, but the biggest mobsters on the planet walk.  At least in the UK, 90% of people think the bankers ought to be in jail.  Go Figure why the US doesn't get it.

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