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This UBS paying a staggering wanted to have billion dollar fine for reading a key global interest rate one point two billion -- of that is going straight to the government US government.
But forget about whether UBS -- paid up.
Focus instead on what it's paying all -- note to.
Again the US government Washington the same folks through what I have million boxes really a rounding error and bought about a I was where the spending.
These guys get the money have you ever wondered what the heck they're going to do -- that my less semites at their.
There are no lock boxes for this sort of thing and all those big fonts every year the government collects billions in such bonds -- -- all that money.
I suspected to a bill pot.
That finance is far more egregious and -- spending.
And weekends -- like about it so forget about finding the company that have to hand over the -- How about -- the government that ends up pocketing doing Dodd knows well what went to former.
SEC enforcement official -- ago.
-- hundred have you back to where it doesn't -- is there a place for this.
-- -- the US treasury the US treasury puts into its general funds.
And they use if whatever general fund it's not I don't -- -- now and -- unless the court has issued a special order.
It can't be used even pay the people that they claim they're protecting -- injured.
So they collect the one point five billion it doesn't go to people -- Clinton -- the coast of the US government to spend as it wants to spend.
And it's almost progress but there's slush fund its -- almost on account of the victims of that was suppose -- abuse.
Aren't the ones rewarded.
The other stuff to go find -- -- lawyers -- -- heart and notes of his money that that gets dumped in this.
What do they do it.
They use it for paying interest on bonds to use it for paying.
Government agencies they use it for programs that they want to finance.
The Treasury Department is basically the Warner writes the checks for everything for the US government so they can they write that check for anything they want to write it for using that money.
To the ones -- pay the fines ever say -- All right and this is going to restitution to people you claim.
Will be we screwed -- or no is it just and so -- upon again he did used to be used to be that the the general quarters says that the money will first go to pay investors.
Were injured people.
And then what's left of this money will go to the treasury.
Now the government's taken a position -- coast from the treasury.
And the injured parties are on our own and I've seen cases they've been in where the government won't -- so -- money back at a table.
And plaintiffs don't have the money to make a -- losses -- -- out of business.
And you know the numbers are getting Dick right I mean the fines and won a billion here I guess is not to scare the you know what -- other players in the -- of the date to cough up.
And you handed out -- mean non.
Get a big pot of money.
Pose a senator -- present president Obama's home state Everett Dirksen used to say you know billion here billionaire -- pretty soon you're talking real money.
So if they're they're really talking real money at this point.
And it they claim it's designed to scare these people but none of these institutions that are paid these huge amounts within -- financial institutions or drug companies.
Haven't seen anyone going out of business.
So it's -- quarter's worth of their their revenues their profits in any just travel long.
So it's not like they're really crippling them in any way.
And automatically -- conduct in the alleged -- right -- doesn't do much to deterred the AV GD unit to be -- right there just hasn't changed their conduct.
Now do you think the government is more inclined to push.
It finds like this because it needs money spend more money or I know me very cynical.
In that characterization but what is really driving us.
Well I think two things in the the government needs the money.
And it's looking for any way can raise money across the board.
And I think also.
They've abandoned the idea of taking some meaningful actually it's -- corporation.
Just they could change the way they do business.
Instead of taking -- shareholders' money and saying great we're gonna pay you one and have billion.
But it's coming out of your pocket my partner for UBS shareholders.
Is not coming out of pocket or anybody is accused of doing wrongdoing.
So -- should -- change an institution behavior.
It did just doesn't mean and they need to focus on what what wrong and how do we get of the changes -- one who want to do.
I think they'll be more effective than simply -- we we implemented this huge fine.
And some institution and and now we've punished him because you -- -- there would be in business tomorrow.
That would be real punishment then and none of them care Citibank paid a billion dollar fine if you remember while -- and -- was one quarter's worth the money for them.
So -- it's not gonna have a great an impact it's basically our our right to check for being a bad boy -- my wall my -- Millions of Marin and and weights in my sense -- thank you sir thank you it is amazing all right I.