Let me start with some facts, often shunned in first paragraphs, but required here. UBS (NYSE: UBS ) is on the verge of paying a $450 million -- possibly much more -- fine for rigging LIBOR. Citi (NYSE: C ) is being investigated for the same thing, but in a bigger way. Barclays (NYSE: BCS ) took a $450 million hit earlier in the year for LIBOR-related charges. HSBC (NYSE: HBC ) is $1.5 billion in the hole for money laundering, this year. Assuming Citi ends up being in a common boat with Barclays and UBS, that's about $3 billion in fines, in one year, between those four banks.
Investors have had just about enough, and the stocks have been hammered this ye-- What's that? Oh, I see. UBS is up over 45% this year, Citi is up close to 40%, Barclays up almost 60%, and HSBC is dragging the pack down, up only 35% or so.
Well, hell.
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