Traders Manipulated Key Rate, Bank Says - WSJ.com
In a court filing in Ottawa, Canada's Competition Bureau said a bank it didn't identify has told the agency's investigators that people involved in the alleged scheme "were able to move" interest rates.
People familiar with the situation said the "cooperating party" is UBS AG.
The Swiss bank has said it is assisting regulators in a sprawling interest-rate probe in North America, Europe and Asia, which has led to a score of ...
Do you remember how Enron traders manipulated the price of natural gas by causing rolling black-outs and other illegal maneuvers? In years gone by, accusations like these might have seemed right out of the imagination of conspiracy minded wing nuts. Now we see successful prosecutions of the manipulators engaged in these schemes and need to reconsider our opinions based on evidence of the breakdown of ethics and morality in the Capitalist System. Capitalism is the best system but from time to time a shake-up is needed to ensure a level playing field.
Traders Manipulated Key Rate, Bank Says
A group of traders and brokers successfully managed to manipulate an interest rate that affects loans around the world, one of the banks being investigated has told regulators.
In a court filing in Ottawa, Canada's Competition Bureau said a bank it didn't identify has told the agency's investigators that people involved in the alleged scheme "were able to move" interest rates.
People familiar with the situation said the "cooperating party" is UBS AG.
The Swiss bank has said it is assisting regulators in a sprawling interest-rate probe in North America, Europe and Asia, which has led to a score of ...
Do you remember how Enron traders manipulated the price of natural gas by causing rolling black-outs and other illegal maneuvers? In years gone by, accusations like these might have seemed right out of the imagination of conspiracy minded wing nuts. Now we see successful prosecutions of the manipulators engaged in these schemes and need to reconsider our opinions based on evidence of the breakdown of ethics and morality in the Capitalist System. Capitalism is the best system but from time to time a shake-up is needed to ensure a level playing field.
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