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Ubs Is Being Investigated Over Possible Manipulation Of The Libor

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http://dealbook.nytimes.com/2011/03/15/ubs-says-it-is-being-investigated-over-possible-manipulation-of-the-libor/?ref=business

FRANKFURT — UBS said on Tuesday that regulators in the United States and Japan were investigating whether the Swiss bank tried to manipulate a benchmark used to set interest rates around the world.

UBS, based in Zurich, said it had received subpoenas from the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Justice Department in the United States in connection with an investigation into whether the bank had tried to improperly influence the London Interbank Offered Rate, or Libor.

UBS said the Financial Supervisory Agency in Japan was pursuing a similar line of inquiry and had ordered the bank to provide information. UBS suggested that other institutions or suspects might be involved, but did not name them.

The London Interbank Offered Rate is a measure of how much banks charge each other for loans, and is extremely important as a barometer of market interest rates and the health of the financial system.

It is used as a reference for setting adjustable rate mortgages and other loans. Fluctuations in the Libor affect the payments made by millions of homeowners and other borrowers.

The implications for this are huge, if they've been manipulating libor imagine the lawsuits from consumers who've over paid!

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The implications for this are huge, if they've been manipulating libor imagine the lawsuits from consumers who've over paid!

Or underpaid. During the crisis, banks were accused of deliberately understating their cost of funds to make it appear to the market that they were in better shape.

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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