WHAT HEELS: UBS=Underhanded Bond Sales
Under an agreement with the Justice Department, Swiss bank UBS agreed to pay $160 million for rigging at least 100 municipal bond transactions in 36 states from 2001 through 2006, The Washington Post reports:
The case was part of an ongoing federal probe of manipulation in the market where municipalities borrow money to finance debts and pay for projects such as schools, roads and hospitals.
Instead of helping municipalities get the best deals, the federal authorities charged, UBS was cheating them.
UBS “admits, acknowledges and accepts responsibility for illegal, anticompetitive conduct” by former employees, the department said.
Four former UBS executives were previously charged, and one has pleaded guilty.
In December, Bank of America settled a similar case by agreeing to pay $137 million.
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