Submitted by Tyler Durden
Bloomberg's William Cohan released a provocative piece last night, headlined by the even more provocative "UBS Libor Manipulation Deserves the Death Penalty." We can only assume that Cohan is being metaphorical - after all, despite the rare occasional recent criminal charge no one has still gone to prison for the biggest coordinated manipulation of a benchmark fixed income market for years: something previously relegated to the fringes of crackpot conspiracy theories - after all, so many people were in on it, how can they possibly all keep their mouths shut - you know, the usual excuse against massive conspiracy theories, at least until they become conspiracy fact. Yet one wonders: will current and future ongoing market manipulations ever cease when there is no real deterrent: after all spending a few years in jail is certainly worth a few million in ill-gotten proceeds, even assuming the termination of a career in finance. Is Cohan being rhetorical? Or has the time for some true vigilante justice finally come? Because in a world increasingly best portrayed by the 2009 movie "The International" where one has to "go outside" a captured legal system to get real justice, is vigilantism eventually coming to every town near you, once the money illusion ends? And a bigger question - is this the main preemptive reason for the gun control push seen so vividly in recent days and months?
There is no point in mincing words: UBS AG (UBSN), the Swiss global bank, has been disgracing the banking profession for years and needs to be shut down.
... On Dec. 19, the bank paid $1.5 billion to global regulators -- including $700 million paid to the CFTC, the largest fine in the agency’s history -- to settle claims that for six years, the company’s traders and managers, specifically at its Japanese securities subsidiary, manipulated the London interbank offered rate and other borrowing standards.
If I were to be handling the LIBOR scandal, the first door I would kick open would be at Buckingham palace. After this, I would cruise over to the Coutts Branch of the Bank of Scotland and go over the past 25 years of the queen lizard/Bush41 joint account of extortion and drug import business. After this material was realized for what it represented, and the lights went dim in London for a few seconds, I would do a little holiday and have some clam chowder in Severn, ending the day at Somerset for a well deserved rest.
Ordinarily I'm totally opposed to the death penalty. However, such crimes as this (the Libor scandal) cause great suffering to billions of people, and are crimes against humanity. For crimes against humanity, perhaps a death penalty could be justified. Those who deceive to cause wars for profit have committed such crimes. Those who destroy entire economies for their personal profit have committed such crimes. Still, I'm opposed to the death penalty; but life in prison is quite appropriate for these offences!