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- Written by: California Attorney General's Office
LIBOR is the rate at which banks lend money to one another and is a key financial tool that determines interest rates for many financial products, including government and corporate bonds.
During the financial crisis, large international banks manipulated LIBOR to enhance their financial health, avoid negative publicity, and minimize harm to their reputations. They did so at the expense of investors, Becerra said.
“California is committed to holding powerful international banks like UBS accountable,” said Becerra. “We will not accept financial institutions breaking the rules and hanging Californians out to dry.”
The settlement follows a multistate investigation, opened in July 2012, that revealed that UBS deliberately suppressed its LIBOR submissions in order to avoid negative media attention and doubts about its creditworthiness. This unlawful strategy resulted in losses to consumers who invested with UBS in LIBOR-linked financial instruments.
The settlement announced this week is expected to return approximately $9 million to California governmental and nonprofit entities that suffered because of UBS’s conduct.
California serves on the executive committee of the LIBOR multistate group that began investigating LIBOR misconduct in 2012.
Including past settlements with Citibank ($100 million), Barclays ($100 million), and Deutsche Bank ($220 million), the coalition has now recovered $488 million. More than $50 million of that money has gone to California governmental and nonprofit entities.
A copy of the settlement agreement can be found here.
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- Written by: Elizabeth Larson
The rule is also a boon for California's clean transportation manufacturing industry, the board said.
The state is already home to leading electric bus producers such as BYD and Proterra, and the rule will require the production of more than 14,000 new zero-emission buses.
“California has demonstrated once again that it is a leader on clean transportation. This is the first major regulation in the U.S. for transitioning to zero-emission buses and will serve as a model for other states and countries,” said Kathryn Phillips, director of Sierra Club California. “The current demand for clean buses has made California a hub for electric bus manufacturing. We have six factories or assembly facilities located here. This rule will create even more good-paying jobs across the state. The future of public transit consists of a quieter ride, cleaner air and a healthier economy.”
“California took a momentous step to realizing the right to zero on our city streets,” said Adrian Martinez, Earthjustice Staff Attorney. “From disadvantaged community members choking on diesel and gas tailpipe fumes, to college students, to transit agencies like LA Metro, to bus riders, to doctors and nurses, to environmental advocates, Californians made it clear they demand zero-emissions buses in communities statewide. On behalf of the thousands of Earthjustice Right to Zero campaign supporters who submitted comments, we commend the California Air Resources Board for enacting this life-saving regulation.”
“This is the biggest public transportation breakthrough since we switched from trolleys to diesel buses a century ago,” said Jimmy O’Dea, a senior vehicles analyst at the Union of Concerned Scientists. “Bus riders, bus drivers and anyone who has gulped the exhaust from a passing truck or bus knows we must do something about these vehicles. Electrifying them is a one-two punch: we reduce carbon emissions that worsen climate change and we clean up the air we breathe.”
“Moving to 100 percent clean buses, cars and trucks is the logical next step in California now that our state has committed to 100 percent clean electricity generation by 2045,” said Emily Fieberling of Environment California.
“It makes no sense to continue operating buses – often diesel-powered – that are hurting the environment and hurting our kids,” said Emma Shumway, fellow with Environment California. “We need to shoot for 100 percent clean buses and zero percent childhood asthma by 2030.”
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- Written by: Gem Faire
Hours are Friday, noon to 6 p.m.; Saturday, 10 a.m. to 6 p.m.; and Sunday, 10 a.m. to 5 p.m.
The event is open to the public. Admission of $7 is valid for the entire weekend.
Exhibitors from all over the world will be on site with the largest selection of fine jewelry, crystals, gemstones, beads, minerals, fossils and much more.
Take advantage of buying direct from the importers and wholesalers. From loose gems, raw minerals and millions of bead strands, to finished jewelry, fashion accessories, supplies and tools, find them all under one roof.
Jewelry repair, cleaning and ring sizing service is available while you shop. Free door prize drawings are conducted every hour throughout the weekend.
The Sonoma County Fairgrounds are located at 1350 Bennett Valley Road.
For more information, visit www.gemfaire.com or contact Gem Faire, Inc. at 503-252-8300 or
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- Written by: Better Business Bureau