Timber, it is a fallacy to assume UBS settlement of the allegations to make the problem "go away" will indeed solve the issue. The issue is, precious metals markets have been used as a plaything by the banks. The banks need to have their reputations cleared, and the markets involved need their integrity restored.
Lets get this straight. Defendants settle on allegations for two reasons only;
1) They do not take the allegations seriously
Only a cynic would be satisfied that the banks do not fear lawmakers and regulators.
2) They are unable to defend the allegations
The Swiss regulator is evidently incredulous at the mis-reporting of the settlement and decided to inform the public yesterday that it found a CLEAR ATTEMPT by UBS to manipulate precious metals markets. As to whether UBS were successful and as to the scale of the attempts, the market may never know.
