Just what banking industry needs – another scandal. The Wall Street Journal reported this morning that Canada’s Competition Bureau is investigating several multinational banks regarding allegations that traders attempted to manipulate a key benchmark interest rate that is used to set prices on a wide array of financial products from …
UBS
Why Financial Reform Hasn’t Stopped Rogue Traders
After the financial crisis, regulators and politicians said they were going to rewrite the rules to ensure that big banks don’t end up with huge losses that put a country’s and indeed the world’s financial system at risk. Allowing the big banks to make big bets was out. And yet, here we go again. On Friday, U.K. authorities charged …
A portrait of the tax cheat
Ever since UBS agreed to hand over the names on thousands of undeclared offshore accounts, U.S. taxpayers (or non-taxpayers, as it were) have been rushing to the IRS to confess their sins. The deal: come clean of your own volition, and you’ll owe a significantly reduced penalty and you won’t have to go to jail.
That partial amnesty ends …
