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  • U.S. Assistant Attorney General Lanny A. Breuer Speaks At The UBS Press Conference

    Date 19/12/2012

    Thank you, Attorney General Holder.  

    Today, UBS Japan has agreed to plead guilty in connection with one of the most significant scandals ever to hit the global banking industry.   For years, including at the height of the financial crisis, UBS manipulated its submissions to the British Bankers’ Association for calculation of the London Interbank Offered Rate, or LIBOR.   UBS AG, the banking giant and parent company of UBS Japan, has also entered into a non-prosecution agreement with the Justice Department, agreeing together with UBS Japan to pay $500 million to resolve our allegations related to the bank’s manipulation of LIBOR.   Together with approximately $1 billion in regulatory penalties and disgorgement, these criminal penalties bring the total amount of today’s resolution to $1.5 billion.

  • Statement Of Support By CFTC Commissioner Scott D. O’Malia For Bringing And Settling Charges Against UBS AG And UBS Securities Japan, Co., Ltd.

    Date 19/12/2012

    I fully support an internationally coordinated enforcement effort to bring charges against UBS AG and UBS Securities Japan Co., Ltd for manipulation and false reporting of certain global benchmark interest rates. In the wake of a series of scandals involving these benchmarks, I urge U.S and international regulators to implement a comprehensive transaction-based solution to assessing the accuracy of such rates to ensure integrity of global financial markets.

  • U.S. Attorney General Eric Holder Speaks At The UBS Press Conference

    Date 19/12/2012

    Good morning – and thank you all for being here.   Today, I’m joined by Assistant Attorney General Lanny Breuer, of the Justice Department’s Criminal Division; Deputy Assistant Attorney General Scott Hammond, of the Antitrust Division; David Meister, Director of Enforcement for the U.S. Commodity Futures Trading Commission; and Associate Deputy Director Kevin Perkins, of the FBI – as we announce the latest actions in our ongoing efforts to investigate and prosecute financial crimes – and to move both fairly and aggressively in bringing the perpetrators of these crimes to justice.

  • Russell Eurozone Index Reflected A 20.1% YTD 2012 Gain As Of 12/17 As Russell Investments Predicts Continued "Downward Spiral" In 2013 In Southern Europe

    Date 19/12/2012

    The Russell Eurozone Index reflected a return of 20.1% year-to-date as of December 17th, 2012. Northern European countries enjoyed the strongest gains within the Eurozone Index, with Belgium (37.2%)-, Austria (35.4%) and Germany (31.0%) leading the way year-to-date as of 12/17. In Southern Europe, Greece (19.9%) led the way year-to-date as of 12/17, while Spain (1.5%) had the lowest year-to-date return within the Index.

  • SEC Charges Advisory Firms And Portfolio Managers For Roles In Collapse Of Midwest-Based Closed-End Mutual Fund

    Date 19/12/2012

    The Securities and Exchange Commission today charged two investment advisory firms and two portfolio managers responsible for managing a Midwest-based closed-end mutual fund for their roles in the failure to adequately inform investors about the fund’s risky derivative strategies that contributed to its collapse during the financial crisis.