Skip to comments.U.S. Is Building Criminal Cases in Rate-Fixing (Obama gave immunity to UBS, his favored Swiss Bank)
Posted on 07/15/2012 7:06:58 AM PDT by jimbo123
As regulators ramp up their global investigation into the manipulation of interest rates, the Justice Department has identified potential criminal wrongdoing by big banks and individuals at the center of the scandal.
According to people briefed on the matter, the Swiss bank UBS is among the next targets for regulatory action. The Commodity Futures Trading Commission is pursuing a potential civil case against the bank. Regulators at the agency have not yet decided to file an action against the bank, nor have settlement talks begun. UBS has already reached an immunity deal with one division of the Justice Department, which could protect the bank from criminal prosecution if certain conditions are met. The bank declined to comment.
(Excerpt) Read more at dealbook.nytimes.com ...
Flashback:Bosses Rein In Banker Who Golfs With Obama
One of the biggest banks in the world wants the presidents favorite banker muzzled.
The banker, Robert Wolf, a top UBS executive in New York, is among President Obamas leading fund-raisers, building more than $500,000 for his re-election so far this year.
A regular presence at big campaign fund-raisers, Mr. Wolf, who is 50, golfs and vacations with Mr. Obama and is known for e-mailing friends photos of himself with the president.
Donkeys or Elephants, it doesn’t matter. We need a financial system that plays with a fair deck.
Unlikely. The article is almost certainly referring to the DOJ Antitrust division, which has had a leniency/immunity program in place since the 70's. Basically, the first participant in an antitrust conspiracy to come forward, confess, and coopoerate with the DOJ is eligible for immunity from criminal prosecution. The logic is that antitrust conspiracies are extremely difficult to uncover, and even more difficult to prove, so the DOJ gives a pretty strong incentive for companies to come forward.
Obama is prosecuting Barclay’s because the CEO is a Romney bundler.
In fact, they are going to indict him in October just in time for the election.
Obama is NOT prosecuting UBS because the CEO is an Obama bundler.