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:

http://fraudinfoblog.squarespace.com//fraud-info/2015/5/14/scarlet-letters-and-large-fines?hootPostID=6cd1af78b96858067766436572dd639b

 

http://mobile.nytimes.com/2015/05/14/business/dealbook/5-big-banks-expected-to-plead-guilty-to-felony-charges-but-punishments-may-be-tempered.html?_r=1&referrer

 

http://www.wsj.com/articles/justice-department-to-tear-up-past-ubs-settlement-1431645723

Written by Jim Ulvog

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

Posted in Other stuff

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