UBS not getting out of Headlines

The FSA raid on which I wrote a few days ago now is said to implicate UBS workers as well. As writes Bloomberg:

As many as 11 people may be charged next week over an insider-trading ring that began at the London printers for UBS AG and JPMorgan Chase & Co.’s Cazenove unit, four people with direct knowledge of the case said.

The Financial Services Authority is preparing to file criminal charges after a two-year investigation, the people said on condition of anonymity because the defendants haven’t been formally accused of a crime. The FSA says that the north-west London operation, involving accountants and spread-betters, used leaked data from deal prospectuses being printed for the banks, according to the people.

That is not all. In another Bloomberg article we learn:

JPMorgan Chase & Co., Lehman Brothers Holdings Inc. and UBS AG were among more than a dozen Wall Street firms involved in a conspiracy to pay below-market interest rates to U.S. state and local governments on investments, according to documents filed in a U.S. Justice Department criminal antitrust case.

A government list of previously unidentified “co- conspirators” contains more than two dozen bankers at firms also including Bank of America Corp., Bear Stearns Cos., Societe Generale, two of General Electric Co.’s financial businesses and Salomon Smith Barney, the former unit of Citigroup Inc., according to documents filed in U.S. District Court in Manhattan on March 24. The papers were filed by attorneys for a former employee of CDR Financial Products Inc., an advisory firm indicted in October. The attorneys, as part of their legal filing, identified the roster as being provided by the government. The document is labeled “list of co-conspirators.”

I guess, nothing to worry about for UBS. They will ‘cooperate fully with authorities’ and obviously have ‘done nothing wrong’ and if something was done it was ‘a rogue employee’. Of course.

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