I thought this was about rigging ratings for the movie 'Epic'.
"UBS isn't facing criminal charges. Justice Department officials said they decided not to charge the Zurich-based company, fearing such a move would endanger its stability."
Pursuing bribery to artificially manipulate interest rates in order to scam and press investors resulting in pandemic arrest of multiple markets including our own is apparently a passable offense that won't be pursued by the US Justice Department.
It's literally a James Bond film-esque plot. Minus James Bond. Because this is real life.
I can't find a Facepalm Image strong enough for this sh'it.
I don't think anyone can.
This is pretty horrible. I am more amazed they got away with this pomegranate for so long.
They're not charging them because it would "undermine confidence in the global banking system" or some pomegranate like that.
It was the same with HSBC settlement for money laundering.
Oh rly... well it's a bit late for that.
Swiss Bank Please Guilty in Probe
"In the latest blow to Switzerland's centuries-old banking practices, the country's oldest bank pleaded guilty to a criminal conspiracy charge in the U.S. on Thursday and admitted that it helped wealthy Americans for years avoid taxes by hiding their income in secret accounts abroad.
... Otto Bruderer, Wegelin's managing partner, entered a guilty plea on the bank's behalf at a hearing in federal court in Manhattan on Thursday and said the bank between 2002 and 2010, knew U.S. taxpayer's maintained secret accounts at Wegelin in order to evade U.S. taxes.
"Wegelin was aware that this conduct was wrong," Mr. Bruderer said during the hearing. "However, Wegelin believed that, as a practical matter, it would not be prosecuted in the United States for this conduct because it had no branches or offices in the United States and because of its understanding that it acted in accordance with, and not in violation of, Swiss law and that such conduct was common in the Swiss banking industry."
... In court documents, the U.S. claimed that Wegelin "deliberately set out" to capture illegal banking business lost by UBS AG and another unidentified Swiss bank after the U.S. began investigating their operations in 2008 and in 2009...
... UBS entered a deferred-prosecution agreement in 2009, in which it admitted to conspiring to defraud the U.S. govenrment out of billions of dollars in taxes and avoided criminal charges...
... Wegelin bankers went to great lengths to hide transactions, including communicating with U.S. taxpayers using their personal email accounts and avoided mailing account statements, prosecutors said."
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