Tag Archives: arrests

36 UBS Bankers To Be Implicated In Liborgate, Criminal Charges To Be Filed

by

1

ZeroHedge

As the fallout of Liborgate escalates, the next big bank to be impacted in the fallout started by Barclays civil settlement “revelation” is set to be troubled UBS, already some 10,000 bankers lighter, where as many as three dozen bankers are reported by the implicated in the fixing of the rate that until 2009 was the most important for hundreds of trillions in variable rate fixed income products. Only instead of attacking the US or even European jurisdiction, where the next big settlement is set to hit is Japan: a country whose regulators as recently as half a year ago promised there were no major issues with Libor, or Tibor as it is locally known, rate fixings. And while this most recent development will have little material impact on UBS’ ongoing business model, the one difference from previous settlements is that it will likely include criminal charges lobbed against some of the 36 bankers.

From the FT:

“UBS is close to finalising a deal with UK, US and Swiss authorities in which the bank will pay close to $1.5bn and its Japanese securities subsidiary will plead guilty to a US criminal offence. Terms of the guilty plea were still being negotiated, one person familiar with the matter said on Monday, adding that the bank will not lose its ability to conduct business in Japan. The pact between the bank and the US Commodity Futures Trading Commission, US Department of Justice, UK’s Financial Services Authority and UBS’s main Swiss supervisor Finma is expected to be announced on Wednesday, although last minute negotiations continue.”

More:

Not all of the three dozen individuals will face criminal or civil charges and the level of alleged misconduct varies among them. While it also is not clear how many bankers will be criminally charged, people familiar with the investigation said the settlement documents will document an intercontinental scheme to manipulate the Yen-Libor interest rate over several years involving desks from Tokyo to London.

The UK FSA has also notified at least five individuals linked to UBS that they are being personally investigated in connection with Libor. The watchdog has the power to impose fines and ban people from working in London’s financial services industry.

Criminal and regulatory investigations of individuals often take significantly longer than cases against institutions. The global settlement reached with Barclays over the summer did not include any charges against individuals, but several bankers are under criminal investigation, according to people familiar with the matter.

To a big extent, the reason why so many banks have given up on Libor and are now eager to settle comparable allegations, is because in a world in which not banks are primary counterparties to other banks, but central banks onboard all the counterparty risk, especially in Europe, Libor is now an anachronism – an unsecured lending rate remnant from another time, a time when there was risk a bank may fail without dragging its host central bank. That time is now gone, and as a result the only relevant metric now is how effectively can banks flush to the gills with excess reserves courtesy of various central banks, use said capital to generate a return on (central bank) capital, and a high enough ROE to keep shareholders happy.

Which is why even as banks are settling Libor allegations left and right, and even willing to throw some low-level traders under the bus because just like Fabulous Fab Tourre, nobody else had any idea of the criminal rate manipulation that was going on, and certainly not the corner office, what banks are really doing is learning from the master of trading – that would be none other than Steve Cohen – and experimenting with becoming the best hedge fund out there. Because in the new zero NIM normal, where money can not be made by traditional lending verticals, the only option left is to outsmart the competition.

And with retail investors leaving the marketplace in droves, the only ones left to be outsmarted are other banks. In other words, the cannibalization phase is almost upon us. Which means that just like the Knight Capital “fat finger” led to the collapse of one of the biggest market makers, so more and more banks will soon set their sights on their peers (think Bear and Lehman circa 2008), in an attempt to turbocharge their returns in a field in which there are simply too many competitors for everyone to make the needed returns.

Of course, if in the meantime some lowly attorney general can score some brownie points by amputating a division that is no longer needed, and throwing some janitors in minimum security prison for 12-24 months, so much the better for their political career. Sadly, nobody at the top, certainly nobody at HSBC or any of the other big banks, will ever see true justice, at least not until they too suffer the fate of Dick Fuld and suddenly find themselves as the main dish at the ever shrinking predators’ ball.

Related:

Top Russian TV Station Exposes Financial Tyranny [PICS, VIDEO!]

by

1

David Wilcock updated his blog yesterday with new pictures and information related to the Financial Tyranny Investigation, which aims to bring down a highly organized group of international financial criminals who illegally seized most of humanity’s wealth to fund a global fascist dictatorship.  According to David a top Russian TV station is going to be the first “Mainstream” media source to cover the story!  I have posted the first few paragraphs of David’s exhaustive post, along with a gallery of the financial instruments offered to asian dynastic families in exchange for over 2.5 million tons of Gold Bullion!  You owe it to yourself to visit David’s site and spend lots of time researching all the incredible information collected there.

Divine Cosmos

On December 4, 2012, one of Russia’s top TV networks contacted us — to do the world’s first-ever full exposure of our Financial Tyranny investigation in mainstream media!This show will air just hours after we have made this post — and we hope to get a copy of it.

[MAJOR NEW UPDATES Next Morning, several times. Look for red headlines. HUGE new link section early along -- and more info at the end.]

BLOWING IT WIDE OPEN
The significance of what REN-TV is about to do cannot be undermined.

REN-TV is one of the top television networks in Russia, with a potential audience of 113.5 million viewers. Their website is ren-tv.com.

[In the Russian alphabet, a P is equivalent to an R, and an H is equivalent to an N -- hence the "PEH" in the above logo means "REN", not some variant of "meh."]

No major media outlet has ever been willing to touch this story in video form — as it used to be considered far too dangerous… not to mention highly classified.

Courthouse News Service was the only mainstream print media source to have ever tackled it — and this was only on a website.

On December 8, 2012, Dr. Valentin Katasonov, chairman of the S.F. Sharapov Russian Economic Society, re-opened the discussion in a comprehensive three-part article.

The first “official” independent video that revealed this case only appeared just this past Thursday, on December 13, 2012 — around 11PM.

We will have more about that, including a link to it, in just a moment.

Continue Reading David’s Exhaustive Report with Ground breaking information on the biggest conspiracy our planet has ever seen.

Related:

Post from Drake: Iceland totally Repeaces

by

0

 American National Militia

News that is music to your ears…

ICELAND. No news from Iceland?… why? How come we hear everything that happens in Egypt but no news about what’s happening in Iceland:</p><br /><br /> <p>In Iceland, the people has made the government resign, the primary banks have been nationalized, it was decided to not pay the debt that these created with Great Britain and Holland due to their bad financial politics and a public assembly has been created to rewrite the constitution.</p><br /><br /> <p>And all of this in a peaceful way. A whole revolution against the powers that have created the current global crisis. This is why there hasn’t been any publicity during the last two years: What would happen if the rest of the EU citizens took this as an example? What would happen if the US citizens took this as an example.</p><br /><br /> <p>This is a summary of the facts:</p><br /><br /> <p>2008. The main bank of the country is nationalized.<br /><br /><br /> The Krona, the currency of Iceland devaluates and the stock market stops. The country is in bankruptcy</p><br /><br /> <p>2008. The citizens protest in front of parliament and manage to get new elections that make the resignation of the prime minister and his whole government.<br /><br /><br /> The country is in bad economic situation.<br /><br /><br /> A law proposes paying back the debt to Great Britain and Holland through the payment of 3,500 million euros, which will be paid by the people of Iceland monthly during the next 15 years, with a 5.5% interest.</p><br /><br /> <p>2010. The people go out in the streets and demand a referendum. In January 2010 the president denies the approval and announces a popular meeting.<br /><br /><br /> In March the referendum and the denial of payment is voted in by 93%. Meanwhile the government has initiated an investigation to bring to justice those responsible for the crisis, and many high level executives and bankers are arrested. The Interpol dictates an order that make all the implicated parties leave the country.</p><br /><br /> <p>In this crisis an assembly is elected to rewrite a new Constitution which can include the lessons learned from this, and which will substitute the current one (a copy of the Danish Constitution).<br /><br /><br /> 25 citizens are chosen, with no political affiliation, out of the 522 candidates. For candidacy all that was needed was to be an adult and have the support of 30 people. The constitutional assembly starts in February of 2011 to present the ‘carta magna’ from the recommendations given by the different assemblies happening throughout the country. It must be approved by the current Parliament and by the one constituted through the next legislative elections.</p><br /><br /> <p>So in summary of the Icelandic revolution:<br /><br /><br /> -resignation of the whole government<br /><br /><br /> -nationalization of the bank.<br /><br /><br /> -referendum so that the people can decide over the economic decisions.<br /><br /><br /> -incarcerating the responsible parties<br /><br /><br /> -rewriting of the constitution by its people</p><br /><br /> <p>Have we been informed of this through the media?<br /><br /><br /> Has any political program in radio or TV commented on this?<br /><br /><br /> No! The Icelandic people have been able to show that there is a way to beat the system and has given a democracy lesson to the world.</p><br /><br /> <p>Please spread the news as Iceland is the role model now although sooner or later, the banksters will start demilishing their nationalized bank.
ICELAND. No news from Iceland?… why? How come we hear everything that happens in Egypt but no news about what’s happening in Iceland:In Iceland, the people have made the government resign, the primary banks have been nationalized, it was decided to not pay the debt that these created with Great Britain and Holland due to their bad financial politics and a public assembly has been created to rewrite the constitution.

And all of this in a peaceful way. A whole revolution against the powers that have created the current global crisis. This is why there hasn’t been any publicity during the last two years: What would happen if the rest of the EU citizens took this as an example? What would happen if the US citizens took this as an example.This is a summary of the facts:

  • 2008. The main bank of the country is nationalized.
    The Krona, the currency of Iceland devaluates and the stock market stops. The country is in bankruptcy
  • 2008. The citizens protest in front of parliament and manage to get new elections that make the resignation of the prime minister and his whole government.
    The country is in bad economic situation.
  • A law proposes paying back the debt to Great Britain and Holland through the payment of 3,500 million euros, which will be paid by the people of Iceland monthly during the next 15 years, with a 5.5% interest.
  • 2010. The people go out in the streets and demand a referendum. In January 2010 the president denies the approval and announces a popular meeting.
  • In March the referendum and the denial of payment is voted in by 93%. Meanwhile the government has initiated an investigation to bring to justice those responsible for the crisis, and many high level executives and bankers are arrested. The Interpol dictates an order that make all the implicated parties leave the country.
  • In this crisis an assembly is elected to rewrite a new Constitution which can include the lessons learned from this, and which will substitute the current one (a copy of the Danish Constitution).

25 citizens are chosen, with no political affiliation, out of the 522 candidates. For candidacy all that was needed was to be an adult and have the support of 30 people. The constitutional assembly starts in February of 2011 to present the ‘carta magna’ from the recommendations given by the different assemblies happening throughout the country. It must be approved by the current Parliament and by the one constituted through the next legislative elections.

So in summary of the Icelandic revolution:

  • resignation of the whole government
  • nationalization of the bank.
  • referendum so that the people can decide over the economic decisions.
  • incarcerating the responsible parties
  • rewriting of the constitution by its people

Have we been informed of this through the media?
Has any political program in radio or TV commented on this?
No! The Icelandic people have been able to show that there is a way to beat the system and has given a democracy lesson to the world.

Please spread the news as Iceland is the role model now although sooner or later, the banksters will start demilishing their nationalized bank.

   >>>We need all the help we can get.
     Get off the couch and go for freedom!
          ~ Drake

Post Election Romney and Bain Face a Federal Corruption and Perjury Hearing

by

0

Source: Politicsusa.com

There are hardly any human beings who have not had the feeling of disappointment following the failure of one’s expectations, and in most cases a person focuses primarily on the decisions that contributed to a poor outcome as much as the outcome itself. After President Obama won a resounding victory over Willard Romney in last week’s election, there has been no dearth of analysis into what Romney’s campaign did wrong that contributed to his loss, but the prescient analysis should be what the outcome of the election means to Willard Romney. Throughout the campaign, there were questions why Willard was seeking the White House when he apparently had no real convictions other than, as Mrs. Willard stated, “it’s our turn, it’s Mitt’s time,” and arrogance aside, there had to be some reason he sought the highest office in the land, and it appears there was at least one very specific reason the public was not aware of.

It is absolutely true that Romney was looking forward to cutting his own tax liability to zero, privatizing the federal government, handing the Social Security Trust to Wall Street, and waging perpetual war, but with a plethora of investigations and allegations of corruption into his finances on the horizon, appointing a friendly Attorney General was certainly a primary reason for seeking the presidency. To date, Romney’s legal troubles include fallacious FEC and SEC disclosures, an investigation into him and his son’s connection to an $8.5 billion Ponzi scheme, and concealing over $15 million from the auto-bailout, and now his surrogate’s malfeasance and perjury in the eToys bankruptcy case.

Exactly ten days ago, this column reported on a Delaware bankruptcy court’s failure to enter an Emergency Motion into the public docket that included Bain Capital and Romney operative’s perjury and corruption in the eToys bankruptcy case. At the time it appeared the judge was protecting Romney and Bain Capital by suppressing the Motion in expectation he would win the election and have the Motion tossed out of court leading to the question; “is Romney’s main impetus for seeking the White House to appoint an Attorney General who will guarantee that all charges against him will go away?” Well now that he lost the election, it appears the allegation had merit because on November 7, the day after his crushing defeat, the Delaware bankruptcy court judge entered the motion into the public docket and scheduled a hearing for December 4, 2012; all on the same day.

Continue Reading @ Politicsusa.com…