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UBS Chairman Proposes End to Libor Scandal
The global banking community responded with little, if any, comment. Next suggestion...
by Melanie Gretchen ]
UBS Chairman Axel Weber, whose bank is one of two that has already settled with U.S. and U.K. regulators, suggested an end to the Libor scandal once and for all. At last week's World Economic Forum in Davos, before a gathering of the world's top bankers and officials, Mr. Weber, 55, proposed an industry-wide settlement for the rest of the banks accused in the manipulation of Libor.
He probably didn't receive much, if any, support for his proposal from the audience that included Bank of Canada Governor Mark Carney, JPMorgan Chase CEO Jamie Dimon, Citigroup CEO Mike Corbat and HSBC Chairman Douglas Flint. The media carried no follow-up quotes on this suggestion - which actually is somewhat surprising.
UBS is just one of 2 banks that have settled with U.S. and U.K. regulators - the other, of course, is Barclays. [Reuters, 1/25/13]
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