Just when you've finally gotten over the stock market crash, there's a new potential threat to your portfolio. Even worse, it's in an area that many people think of as being safer than stocks: the bond market.
UBS, Switzerland's largest bank, agreed Wednesday to pay some $1.5 billion in fines to international regulators following a probe into the rigging of LIBOR, a key global interest rate. That makes UBS the second bank, after Britain's Barclays, to settle over the rate-rigging scandal.
Swiss bank UBS AG is expected to pay more than $450 million to U.S. and British authorities to settle claims some of its employees submitted false Libor rates, the New York Times reported.
Major banks have announced some 160,000 job cuts worldwide since early last year, more layoffs are coming as the industry restructures. The numbers are much higher in Europe than in Asia or the United States -- and those loses will be a particularly heavy blow to Britain.
A senior trader at the Swiss bank UBS was a "master fraudster" who lost his bank $2.3 billion, imperiling its very existence, through risky deals and deceit in a bid to improve his status, bonus and job prospects, prosecutors said Friday.
Bradley Birkenfeld just got some good news and some bad news. The good news was that he got a $104 million payment from the IRS for his role in catching tax evaders. The bad news: His reward isn't tax exempt.
The Internal Revenue Service has awarded an ex-banker $104 million for providing information about overseas tax cheats -- the largest amount ever awarded by the agency, lawyers for the whistleblower announced Tuesday.
The Super Bowl champion Green Bay Packers got the NFL's approval this week to sell more stock to the public, but even the Pack can't compete with the buzz of another anticipated "football" stock offering: Manchester United. Certainly owning shares in a team makes for great pub talk, but is it a wise investment?
Imagine that the worst does happen again: A major attack. Chaos and disorder. Banks could be closed, ATMs down. Electricity could be out. Your credit cards? Suddenly useless. So how much money -- good old folding cash -- do you need to be able to put your hands on to get through the aftermath?
