UBS fined $1.5bn and Deutsche Bank, Ubs, Jp Morgan, Depfa B.

[giulio2010]

19/12/2012
Italy:
Derivatives, convicted banks
for fraud to the City of Milan
At Deutsche Bank, UBS, JP Morgan and Depfa Bank was imposed a fine of one million euro each, were also confiscated a total of 88 million to the four institutions. Punished one of the financial mechanisms that triggered the global crisis.
UK:
Swiss banking giant UBS has agreed to pay $1.5bn (£940m) to US, UK and Swiss regulators for attempting to manipulate the Libor inter-bank lending rate.

[superfrank]

and last week Barclays fined $470m for manipulating energy markets.

investment banking is just semi-legalised fraud. they make their money from inside info and governments - and more from governments through direct and indirect bailouts when their bets go bad.

we don't need investment banks, they don't invest in anything - 'just blow up bubbles and manipulate markets to enrich themselves at the expense of everybody else.

[giulio2010]

11/12/2012 HSBC allowed the bank to pass money to "drug kingpins and rogue nations", as it fined it $1.9bn (£1.2bn)