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Banks shiver as UBS swallows $885 million U.S. fine
Posted By admin On July 26, 2013 @ 10:24 am In Money Watch | Comments Disabled
July 26, 2013
UBS will pay $885 million in a settlement with a U.S. regulator over allegations the Swiss bank misrepresented mortgage-backed bonds during the housing bubble, paving the way for billions more to be paid by other banks.
European and U.S. lenders such as Credit Suisse and Deutsche Bank have set aside money to cover the cost of any losses arising from the dispute with the Federal Housing Finance Agency but estimates vary widely.
Shares in Royal Bank of Scotland, which had risen by a quarter since July 3 having slumped following the ousting of chief executive Stephen Hester in June, dropped over three percent on Friday after the UBS settlement was revealed.
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URLs in this post:
 Reuters: http://www.reuters.com/article/2013/07/26/us-usa-ubs-settlement-idUSBRE96O1FH20130726
 Financial crisis: Banks shares plummet after bail-out deal: http://www.prisonplanet.com/financial-crisis-banks-shares-plummet-after-bail-out-deal.html
 Goldman Sachs’ $550m fine no ‘heavy price’ if markets are anything to go by: http://www.prisonplanet.com/goldman-sachs-550m-fine-no-heavy-price-if-markets-are-anything-to-go-by.html
 U.S. Home Vacancies Rise to 18.8 Million on Defaults: http://www.prisonplanet.com/u-s-home-vacancies-rise-to-18-8-million-on-defaults.html
 Investigators Are Closing In On Two Other Banks Involved In LIBOR Rigging: http://www.prisonplanet.com/investigators-are-closing-in-on-two-other-banks-involved-in-libor-rigging.html
 Dollar Falls Most Since 2011 as Central Banks Bump Up Stimulus: http://www.prisonplanet.com/dollar-falls-most-since-2011-as-central-banks-bump-up-stimulus.html
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