David Meister News
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Royal Bank of Scotland Group Plc, fined $612 million for manipulating benchmark interest rates, plans to claw back three-quarters of the money from bonuses and awards already paid to the firm’s employees.
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The European Union may target banks with fines as high as 10 percent of their annual revenue if they fail to combat money laundering and terrorist financing.
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UBS AG will pay about $1.5 billion and two former traders face prison as the bank settled charges with U.S. and U.K. authorities for manipulating interest rates in a global conspiracy to boost profits and bonuses.
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Facebook and Twitter users who threaten violence online will face criminal charges in Britain, while people posting “grossly offensive” comments may avoid punishment by hitting the delete button, prosecutors said.
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UBS AG’s $1.5 billion settlement for manipulation of interest rates and criminal charges against two former traders paves the way for additional sanctions in a global investigation of more than a dozen banks and brokers.
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U.S. Securities and Exchange Commission Chairman Mary Schapiro, who took the agency’s helm in 2009 as it reeled from public rebukes for failing to rein in Wall Street abuses, is leaving the agency next month.
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Intrade, the online service that lets people bet on events such as elections and weather, asked U.S. customers to close their accounts after regulators sued the website for allegedly offering improper options trading.
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There is no point in mincing words: UBS AG, the Swiss global bank, has been disgracing the banking profession for years and needs to be shut down.
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UBS AG, which will pay $1.5 billion to settle charges with U.S. and U.K. regulators for manipulating Libor, is under scrutiny in Hong Kong for possible misconduct linked to the benchmark rate set in the city.
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The U.S. Commodity Futures Trading Commission, which is investigating what happened to about $600 million in client money missing from failed brokerage MF Global Holdings Ltd., takes laws requiring the segregation of customer accounts “very seriously,” the agency’s top enforcement official said.
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