Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Expect big news of big settlements for big banks next week

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Multiple reports indicate UBS will join previously expected  Barclays, JP Morgan,  RBS, and Citigroup  in settling up on their forex manipulation behavior next week.

A guilty plea to a felony criminal count is expected for all 5 TBTFs.

Biggest rumor is that DoJ may tear up the deferred prosecution agreement with UBS.

My wild guess of the dollar amount of the settlement? Four and a quarter billion. Reports i have seen over the past few weeks leave me wondering if that is just the DoJ settlements and doesn’t include NYDFS. If not, add another billion or three.

A few articles for more details:

Written by Jim Ulvog

May 15, 2015, 5:34 am at 5:34 am

Posted in Other stuff

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