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Monday, December 17, 2012

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riisacoff

What is missing is any compensation for the millions who had higher rates forced on them , especially for adjustable rate loans based on LIBOR. $1.6B doesn't even come close.

Why are we settling for meager civil penalties? Why only the Corporations where $1.6B is part of the cost of doing business. How much did they make from the manipulation? Why not look at that figure for a penalty.

As a former Bank regulator, I find it hard to believe that all of the rigging went unnoticed by anyone in the Bank, besides the perpetrators. No one knew but members of this cabal?

I guess with all of the world's problems in the financial arena, this is just a ho-hum exercise to placate some regulatory body and "wow" the public with $billion dollar penalties. What is the percentage the penalty represents of the gross operating revenue of UBS?

Matters not I suppose. No one gives a damn anymore. Payoffs rule!

Richard Isacoff
rii@isacofflaw.com

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