submitted 1 year ago by SubDRSive@lemmy.whynotdrs.org to c/drs_your_gme@lemmy.whynotdrs.org

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No surprise that the potato-of-blame is being tossed around a bit. Good sign for us.

"WASHINGTON, July 24 (Reuters) - The U.S. Federal Reserve announced Monday it had fined UBS Group AG $268.5 million for Credit Suisse's misconduct around its dealings with the defunct investment firm Archegos Capital Management.

The Fed said Credit Suisse, which UBS acquired in June, repeatedly failed to address risk management shortcomings in its dealings with the firm, and lost $5.5 billion when it collapsed in 2021. UBS will pay a total of roughly $387 million in fines as Swiss and British authorities also took actions against the bank."

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[-] dvize@lemmy.world 3 points 1 year ago* (last edited 1 year ago)

I think its questionable that the fed even has a role in enforcement actions. Where does this money go? Almost like its going to be given back to them later. I also wonder if it gives them a blanket of security maybe. -Hey this bank screwed people we want to punish them.. "No they have already been punished with this amount of money. No other enforcements need to be done."

this post was submitted on 24 Jul 2023

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