UBS trader pleads guilty in massive bid rigging scandal

The first in hopefully a long line of criminals in expensive suits has pled guilty to fraud and conspiracy in a massive scam.

His higher-ups had to know. They belong in prison too. Look, in the S&L debacle of the 1980’s, thousands of high-level executives went to prison. That needs to happen again. After they are stripped of their assets and barred from ever working the the financial industry again.

The auctions appear to have been rigged, according to indictments against one of the advisory firms, CDR Financial Products. The charges against CDR claim the firm told over a dozen big banks that sell GICs including JPMorgan, UBS, Lehman Brothers, Wachovia, Bank of America and Citigroup, how to lowball their bids to win business from the state and local governments. The banks, in turn, paid kickbacks to CDR.

Massive corruption by the biggest banks around. Pond scum, all of them.

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