The US Department of Justice fines UBS for its role in the 2008 financial crisis
Key Points:
- UBS has agreed to pay $1.435 billion in penalties for defrauding investors
- The bank knowingly made false statements and issued securities with unsupported property values
- The US government has collected over $36 billion in penalties related to the 2008 crisis
- UBS joins other institutions like Bank of America and Goldman Sachs in paying fines
- Reports estimate the total household loss due to the crisis was as high as $19.2 trillion
Hot Take:
The US Department of Justice has demanded a hefty fine of $1.435 billion from UBS for its alleged role in defrauding investors during the 2008 financial crisis. UBS knowingly made false statements and issued securities with unsupported property values, despite being aware of the risks. This settlement adds to the total penalties collected by the US government, which now stands at over $36 billion. However, the estimated household loss from the crisis is much higher, highlighting the long-lasting impact it had on American families. UBS is now joining other major financial institutions in paying the price for their actions during this tumultuous period.
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