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December 17, 2012

Banks must learn from past scandals

Still the scandals keep coming. In the past two weeks, one big bank has been accused by whistleblowers of failing to disclose the frailty of its financial position after the crisis; two more have been fined $2.6bn between them by the US authorities for money-laundering offences.

 

Now UBS is reportedly on the verge of paying more than $1bn to settle charges that it fiddled a benchmark rate for trillions of dollars in derivatives contracts. This would be more than double the amount Barclays paid when it settled the first London interbank offered rate case in the summer.”

 

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Read full Financial Times article here

 
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