Drug Dealing Banks Are Above The Law.
In 2009, UBS paid €600million to the US regulatory authorities following an investigation which showed that the bank ‘may’ have assisted wealthy Americans engage in tax evasion. By admitting that they had, the bank got a financial slap on the wrists and that was all. Before Christmas we learned that the bank had been hit with a Eur1,250million ‘fine’ in order for rigging the LIBOR interest rate over a period of years, in collusion with at least half a dozen other banks. This is the rate which affects how much you repaid on your credit card or loan account. Still, last year they paid out Eur2,800million in bonus’s to their bankster employees. [Read More]