Libor Scandal: UBS Bosses, ‘We Knew Nothing’
Posted by Larry Doyle on January 11, 2013 8:49 AM |
Senior executives at major Wall Street banks claiming they ‘knew nothing‘ of the scandalous rigging of Libor that generated untold billions of dollars in revenue over a multi-year time period might only be compared to one other comedic actor. Which one is that? How could we ever forget the fabulously funny . . .
While Schultz, Hogan and the boys brought enormous comic relief to so many, there is little to laugh about rigged markets and incomplete information emanating from Wall Street.
Regrettably we get far too much of both from the oligopoly on Wall Street overseen by “in the hip pocket” regulators and attorneys that seemingly also ‘knew nothing’ for far too long.
Remember, justice neglected is justice denied. Yet we are fed another serving of this cold dish once again this morning as we read in the Financial Times, We Knew Nothing of Our Libor Troubles, Say Former UBS Bosses,
Four former top UBS executives on Thursday denied all knowledge of Libor manipulation during their tenures, insisting they had not realised their bank’s rate-setting mechanism was under scrutiny until reading about it in the newspapers years after they had left the institution.
According to regulators, 40 people including senior managers were involved or aware of the misbehaviour, although they agreed that UBS top executives were not.
Forty people? Who’s talking? How high up in the organization does the scandal run? It is hard for 40 people to all maintain a ‘party line’ approach. Will criminal charges be filed? Given the scope of this racket, how could they not be. Some of these individuals will certainly want to save their own skin and be willing to talk. That said, if the regulators continue to run into a similar “know nothing’ stonewalling on the part of other UBS executives, what might they do?
Where might they turn? Will they be willing to play their trump card?
What card is that?
Call in the Pres.
The Pres, yeah, call up our guy, President Barack Obama!!
Yes, call on President Obama to engage his closest relationship on Wall Street, that being former UBS North American head Robert Wolf. Wolf only left UBS this past summer so there is a chance he might be able to share or find some info on this scandal. You think? Worth a call, no?
I would have to imagine that if anybody can find out just how high in the UBS organization this Libor scandal ran that it would be our leader. I know he is a busy guy but we are talking about the greatest scandal in the history of Wall Street so I have to believe he could find a little time to help the cause.
We do want the total truth here and meaningful justice here. . . don’t we?
I mean . . . this is no comedy.
For a comprehensive review of most angles of this scandal, I welcome providing:
I have no business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.