When did you see a Union manage to do this? Not on this scale, but it’s simply a tolerated way of business for those dearly beloved megacorporations. Ah, free enterprise, capitalism, bringing efficience and prosperity to the whole, wide world. Ayn Rand and John Galt would be proud, as the fines are undoubtedly less than 10% of the profits.
“Swiss bank UBS faces a combined fine of about $1 billion to settle charges of rigging the Libor interest rate benchmark early next week, a person familiar with the situation said on Thursday.
“Such a penalty would be more than double the $450 million fine levied on British bank Barclays in June by U.S. and British regulators and would be the third massive U.S. fine to hit big European banks this week.”