Thursday, 20 May 2010

Mark Zaino is guilty!

A former director of UBS, Mark Zaino, has pleaded guilty to bid-rigging, conspiracy, and all sorts of other stuff - wire fraud, as well! He pleaded guilty in the U.S. District Court for the Southern District of New York, which is a nice spot for it. If I were in the United States and getting up to no good, that's where I would want to do it. The Justice Department said to anyone who would listen: 'Kickbacks in the form of inflated or unearned fees were paid to Zaino's employer and its parent financial institution in exchange for assistance in controlling the bidding process and ensuring that certain co-conspirator providers won the bids they were allocated.' There were three other guys involved. They pleaded guilty a while ago. I don't know when. I don't even know who they are, but they were all employees of CDR Financial products, if that makes you feel any better.

But why has Mr Zaino pleaded guilty now? That's what everyone wants to know. Was he offered a deal, or did some sinister figure put pressure on him?

Some sinister figure put pressure on him.

Jack Pickles.