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UBS agrees to pay 1.5 billion in fines! Great but why are they giving it back to the banks?

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posted on Dec, 19 2012 @ 05:03 AM
So we have had a lot of banks pay huge fines. Really teaching them a lesson

UBS has agreed to pay a total 1.4 billion Swiss francs ($1.5 billion) to settle accusations that it tried to rig benchmark interest rates, the Swiss banking giant said on Wednesday.

Link to article

So where does it go? I did some digging and found that it doesn't go back to the people they screwed over but back to the banks.

“Under the previous government’s regime, fines paid to the FSA (Financial Services Authority) are used to reduce the annual levy other financial institutions are asked to pay…We are considering ammendments to the Financial Services Bill that will ensure that fines of this nature go to paying the taxpaying public, not the financial industry.”

link to article

It just makes me want to scream. What are these people doing? I mean our elected officials of course. While I sit here and know there isn't a damn thing I can do about it. Very frustrating. Really, what can I or anyone do about it?

edit on 19-12-2012 by jlafleur02 because: correction in spelling

posted on Dec, 19 2012 @ 05:43 AM
Actually this is probably not as bad as it seems. Banks don't just have nearly 2 billion sitting around... well they do, but think about where they take that money from in the first place.

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