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December 20, 2012

Cases against UBS traders tip of the iceberg

Prosecutors have reached a milestone with the announcement of the first criminal charges in the Libor interest-rate fixing scandal, but there’s still much more to be done.

“The good news is they’re prosecuting two people,” said Dennis Kelleher, CEO of the financial reform group Better Markets. “The bad news is there’s dozens more they’ve got to get to.”

At UBS alone, at least 45 people were involved in or aware of attempts to manipulate rates, according to U.K. authorities. All told, more than a dozen of the world’s largest financial institutions are facing investigation.”

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Read full CNN Money article here

 
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