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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.

Who?

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?

Yes??!!

I mean . . . this is no comedy.

For a comprehensive review of most angles of this scandal, I welcome providing:

Sense on Cents/Libor Scandal

Navigate accordingly.

Larry Doyle

Isn’t it time or overtime to subscribe to all my work via e-mail, an RSS feed, on Twitter or Facebook.

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.

  • Peter Scannell

    “Justice neglected is justice denied.”

    Recompense neglected is mom and pop getting screwed again, and again, and again…

    Hells bells

  • Bob

    Come on.. Timmy was apparently aware of it from his time at the New York Fed back when it all started and you could probably safely bet a dollar to a dime that Wolf was a party to the scheme as well.

    This is all just pissing in the wind. The rule of law no longer applies to rich people because they own the politicians who direct the justice department, etc..

    It is all just one more side of the total corruption and collusion that exists and is no longer being pursued unless some of the lesser line people can be led to the slaughter in order to say something was “done” about the whole mess.

    It all stinks to you know what and gets worse most every day. Now all they have left to do is take away our Constitutional right to bear arms and soon regular criminals and political criminals will both have a field day with the rest of us.

  • Virginia

    You lie… and I’ll swear to it.






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