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Banks shiver as UBS swallows $885 million U.S. fine

WASHINGTON/LONDON (Reuters) - UBS will pay $885 million (574.8 million pounds) in a settlement with a U.S. regulator over allegations the Swiss bank misrepresented mortgage-backed bonds during the housing bubble, paving the way for billions more to be paid by other banks.

The Swiss bank is the third to settle, after Citigroup and General Electric did so for undisclosed sums. UBS said on Monday that its second-quarter profit beat forecasts even after the settlement, which it said then had been agreed in principle without specifying the exact amount involved.

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Soon, I will even be begging my wife to help me count my money.

$2 quadrillion...

$3 quadrillion...

$4 quadrillion...

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

Like HAM said:

The banks care not.

You can't penalize a bank by holding them financially liable.

We MUST put them in JAIL. We MUST take their FREEDOM away.


Jaime Dimon, Jon Corzine, Lloyd Blankfein, Ben MotherFucker Bernanke (ran out of clever names for this tyrant), Geithner, GREENSPAN.

This is how they treat the lay:

Damn embed button. I'm video-retarded.

If you don't know your rights, you don't have any.

If I don't advocate people who smoke

pot should go to jail for so called non-violent victimless crime I am not going to advocate a banker go to jail when I seriously doubt a gun was pointed at anyone's head who signed a note. The figurative legal gun is pointed at potential competitors, not potential customers.

If I was going to advocate anyone go to jail I would suggest incarcerating people actually responsible which is voters who legitimize the authority of monopolized looting. Since that isn't likely to happen because the citizen cattle are too damn profitable as a human resource, I will have to settle for second best and find satisfaction watching the citizenry get looted by their chosen representatives.

I prefer the solution of competition, not jail.

At what point does the line

At what point does the line between "fine" and "bribe" become totally blurred?

We all share this eternally evolving present moment- The past and future only exist as inconsequential mental fabrications.

I'll bet their really shakin in their boots now!!!

I am not even going to click the link ... let me just pick off an excerpt from what is cited in the OP:

"UBS said on Monday that its second-quarter profit beat forecasts even after the settlement"

Don't worry boys, not only do we have that fine covered in one quarter, the little people will have a warm fuzzy feeling justice was served. Excuse me for a moment while I check on the printing press ...

That's a tough, tough penalty

on people who can create and loan money out of thin air. My oh my, what will they do?