By John Solomon
How the government's punishing of the exposure of official wrongdoing can linger for years
Switzerland's UBS AG agreed Wednesday to pay some $1.5 billion in fines to international regulators following a probe into the rigging of a key global interest rate.
The new chairman of Barclays Bank says he'll undertake a top-to-bottom review of the embattled business, telling a British newspaper that he isn't wedded to any of his predecessor's policies.
Britain's Serious Fraud Office said Friday that it has formally opened a criminal investigation of the manipulation of a key market interest rate that has shaken Barclays.
Barclays Chief Executive Bob Diamond resigned Tuesday, the biggest scalp in a financial markets scandal that has ripped through the bank's senior management and sown the seeds for a new investigation into Britain's banking sector.
Nine of the largest U.S. banks have submitted plans to the federal regulators that show how they would break up and sell off their assets if they are in danger of failing.
British prosecutors said Monday they are examining whether they can bring criminal charges on top of the massive fines imposed on Barclays bank for a financial market manipulation scandal.
This week, Bob Diamond resigned as chief executive of the bank and Chairman Marcus Agius announced his intention to leave as soon a replacement has been appointed.
Announcing his departure, Agius said "the buck stops with me and I must acknowledge responsibility by standing aside."
