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The Crippling Blow to UBS

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  • Description

    FBN's Liz MacDonald on UBS's libor-rigging charges.

  • Duration 2:33
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Justice Department today so lacking a criminal charge on UBS -- Japanese unit marking the first time in a decade.

A big bank has -- federal criminal charges.

This is further fallout from the Swiss banking giant's massive one and a half billion dollar fine to settle a sweeping Libor -- case with more here's -- -- McDonald -- bottom line.

How extensive was -- rating at.

You've -- -- really access service of what that one I have to say fine is three times more than three times what Barclays -- it's the second biggest fine ever.

And two former UBS charges -- also been hit with criminal charges here's an attorney general Eric Holder on these criminal charges.

Just this morning.

They defrauded the company's counter parties of millions of dollars.

And they did did so primarily -- increased profits and to secure the biggest -- bigger bonuses for themselves.

So let me authorities found was that it was widespread about 45 workers and counting were involved in the scam.

Obviously widespread routine Libor -- manipulation.

This is what the UK is saying that occur between 20052010.

They about 2000 instances skies of illegal Libor submissions.

And -- 6% -- every -- in your worse than mission.

Was at risk not being improperly influence at that time.

Not say something when you look at that emails though the emails or so telling these emails have been characterized as in the past with -- -- -- -- -- old market caller wait a second look at this email on a fifty billion dollar deal.

That was attempted rigging their traders colluded and -- in this email you see that the one trader wrote to brokers and I needed to keep that rate as low as possible and if you do that -- get up to a 100000 dollars whatever you want.

I'm a man of my words.

Straightforward yeah.

There you have -- and you know what's interesting though this case for the first time some of the -- cases have been characterized says.

A way to protect the banks this this is show that they're not in trouble right -- -- costs are low.

-- with further from for the very first time seeing that collaborate -- ranked higher so they could actually make money so what we're finding here incidents fell the other threads of more than a dozen banks face -- charges on three continents.

And we're finding in this case that the UBS that.

Other banks may have colluded with UBS to -- Rig live or so we could see more heads rolling at UBS we certainly saw three top guys being pushed up the door Barclays when that levers case unfavorably -- -- will be staying on top of this with respect -- -- -- -- -- -- --

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