UBS at center of LIBOR investigationUBS said Tuesday that U.S. and Japanese regulators were investigating whether the Swiss bank tried to manipulate a benchmark used to set interest rates around the world. The bank, based in Zurich, said it has been subpoenaed by the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Justice Department in connection with an investigation into whether the bank had tried improperly to influence the London Interbank Offered Rate, or LIBOR.
Big U.S. airlines keep service to Japan flyingThe largest U.S. airlines maintained service to Tokyo as Germany's Deutsche Lufthansa pulled out of the city following last week's earthquake. Delta Air Lines Inc., United and Continental offered refunds on unused tickets for Tokyo flights.
Former CEO at Freddie gets SEC noticeThe former chief executive of Freddie Mac may face a civil action as the government ramps up an investigation of disclosure practices at the mortgage finance giant and its sister company, Fannie Mae, people briefed on the investigation said. The executive, Richard Syron, now an adjunct professor and trustee at Boston College, has received a so-called Wells notice from the Securities and Exchange Commission, an indication the agency is considering an enforcement action against him.
Trustee: Improper transfers to Madoff's wifeRuth Madoff's account at Bank of New York Mellon Corp. got "fraudulent" transfers of at least $14 million, said Irving Picard, the trustee liquidating her husband Bernard Madoff's firm, who wants to "recapture" $44.8 million. Picard said in a court filing last week that he asked the bank for the couple's bank records.
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