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ITALY does it again: Banks convicted for fraud to the City of Milan (derivatives)

 
Anonymous Coward
User ID: 30386973
Italy
12/20/2012 12:45 AM
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ITALY does it again: Banks convicted for fraud to the City of Milan (derivatives)
At Deutsche Bank, UBS, JP Morgan and Depfa Bank was imposed a fine of one million euro each, were also confiscated a total of 88 million to the four institutions. Robledo: "Judgment of history." [/b
Punished one of the financial mechanisms that triggered the global crisis

Milan judge Oscar Magi sentenced him to a fine four banks - Deutsche Bank, UBS, JP Morgan and Depfa Bank - for alleged fraud 100 million on derivatives entered into by the City of Milan in 2005. This concludes one of the first processes at the international level with the center derivatives. For the prosecutor Alfredo Robledo, the judgment of Today "historical" and "recognizes the duty of transparency on the part of the banks." Also because the derivatives are one of the causes that blew up the global financial crisis: a tool to minimize the risks, have been turned into tools that have exposed companies, governments and public entities to risks greatly exceed their capital. "Italy - added Robledo - has been a land of raids on banks. Instead England derivatives were prohibited."

The four foreign banks involved are JP Morgan, UBS, Deutsche Bank and Depfa Bank. Institutions were convicted of violating the law 231 of 2001, the one that has the administrative responsibility of companies for crimes committed by their employees. The judge also sentenced nine officials and former officials of the banks. The single judge sentenced him to a fine of one million euro each, the four banks charged to the process to which they were confiscated a total of 88 million euro profit as the offenses: € 23,960,433 for Depfa Bank, 24,342,232 euro Deutsche Bank, JP Morgan and 24,785,301 euro to 16,584,669 euro for UBS.

Nine convictions of many defendants: Marco Santarcangelo Education and Antonia were sentenced to 8 months and 15 days in jail and a fine of € 90 each; Thomas Zibordi to 7 months and 15 days and 80 euro fine, Gaetano Bassolino to 7 months and 70 euro fine ( he is the son of the former governor of Campania ); Arosio Carlo, William Francis Brown, and Matthew Fulvio Molvetti Stassano at 6 months and 15 days in prison and a fine of € 60, Alessandro Foti at 6 months and 50 euro fine. Are two other officers were acquitted of banks and Mario Mauri and Giorgio Porta, respectively, at the time of the Municipality consultant and manager of Palazzo Marino.

Immediate replicas Deutsche Bank "remains convinced that he acted properly, as well as its employees. The bank will therefore appeal relying on a positive resolution of the process." On the same wavelength that UBS also "expressed disappointment that the verdict against it emerged today", pointing out that with employees and former employees convicted of fraud against the City of Milan "vigorously pursue all possibilities of appeal." JPMorgan "is disappointed by the decision of the judge, and with reference to individuals or by reference to the bank. E 'is our intention to be the accused to appeal against the judgment in the belief that the appellate court will perform with the formula much wider individuals, because the bank.

Source: [link to www.repubblica.it]
pray_Italy

User ID: 17025052
Italy
12/20/2012 12:50 AM
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Re: ITALY does it again: Banks convicted for fraud to the City of Milan (derivatives)
^^ damn, forgot to log in ^^
Anonymous Coward
User ID: 29417490
12/20/2012 12:52 AM
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Re: ITALY does it again: Banks convicted for fraud to the City of Milan (derivatives)
This is total BS.

If the fines were billions it would almost be believable.
pray_Italy

User ID: 17025052
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12/20/2012 12:53 AM
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Re: ITALY does it again: Banks convicted for fraud to the City of Milan (derivatives)
Found another interesting article in a Swiss newspaper:

After 1.4-billion fine for Libor scandal the reputation of UBS still be saved?

The interest fraud at UBS has been exposed. But the full extent of the damage can only be guessed.

It is now clear how callously the UBS was crappy for years in interest. The reports on the Swiss Banking Finma and their colleagues from the UK FSA to show how went down the crooked deals.

And how the bankers involved while also slapped on the shoulders. Wrongdoing? None.

Communicates was while working with chat programs. According to the evaluated protocols call the dealer designated as like "Heroes," "Superman" or "Three Musketeers". "A gigantic fucking deal"

And they used a crude language: "I will go with you by a damn huge deal (...). I'll pay you $ 50 000, $ 100 000 ... whatever you want ... I am a man who keeps his word. "

That UBS for their involvement in the manipulation when Libor face a billion-dollar buses, was bandied about since last week as news. The Libor and its relatives are a guide for many banking transactions. Them to orient themselves and the interest of the mortgage or savings accounts.

The reports can now deduce that the Bank has played a key role. Therefore, the entire bus is probably with 1.4 billion francs also significantly higher than the CHF 415 million in the bank already punished Barclays.

The FINMA may make no buses, but calls for a 59 million francs in unlawful profits. How did it come to this sum? "The amount was calculated using estimates based on the gains of the trading desks," explains Finma spokesman Tobias Lux

The result of the whole billion buses: UBS in the last quarter to report a loss of 2 to 2.5 billion francs. And the bank is again exposes the pillory.

"The violations were the UBS extremely serious," it says in the British investigation report. UBS trader Thomas Hayes (33) was an important power brokers. 70 people have known about it

Altogether there were 40 people, according to FSA but who were directly involved in the interest fraud Of these, 11 were in a management position. And another 70 people are likely to have at least known about it.

UBS CEO Sergio Ermotti yesterday expressed his disappointment to the scandal: Some employees had behaved unacceptably. UBS has taken disciplinary action: Between 30 and 40 employees had been terminated.

We investigated the period between 2006 and 2010. So from Ospel up Villiger as chairman and CEO of Wuffli to Gruebel. "We have limited ourselves because of our preliminary investigation on the most relevant period," says Finma spokesman Tobias Lux, "is a certain limitation necessary, even for an investigation within a reasonable time to finish."

The FSA went back a year further. Even after reviewing the two reports you can make full extent and consequences of manipulations guess most. Also because the question remains as to UBS about to and fro went.


Source: [link to www.blick.ch]
pray_Italy

User ID: 17025052
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12/20/2012 12:54 AM
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Re: ITALY does it again: Banks convicted for fraud to the City of Milan (derivatives)
This is total BS.

If the fines were billions it would almost be believable.
 Quoting: Anonymous Coward 29417490


banana2 shill alert.... banana2

Have you been working for one of the banks and were laid off???
pray_Italy
User ID: 30425855
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12/20/2012 12:53 PM
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Re: ITALY does it again: Banks convicted for fraud to the City of Milan (derivatives)
bump

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