UBS

Time was, all a bank employee wanting to manipulate forex rates had to do was sit down at his desk, send a message to a fellow bank employee possessing equally loose morals (and a taste for being called “big boy“) and before you could say “let’s pop this bottle of Bollinger,” the job was done. Which is why UBS has decided to cut its people off at the source. It hasn’t figured out a way to eradicate Libor and other types of rate manipulation entirely, but it has figured out a way to make it slightly more difficult for people who don’t know how to use a phone. As an added bonus, it’ll be giving managing directors the extra responsibility of acting as chat room hall monitors, muttering “this is why we can’t have nice things” while handing out passes, hitting AIM-style warn buttons, and occassionally peeking under men’s room stalls for rogue chatters while doing actual work. Read more »

A platoon of protestors objecting to UBS’s support for mining operations in Appalachia have descended on the financial giant’s Stamford-based headquarters and unfurled a banner from a downtown construction crane. Following a morning of securing a large construction crane at a 15-story building going up on lower Summer Street, protestors with the group Hands off Appalachia and Capitalism vs. the Climate intruded into the UBS’s Washington Boulevard headquarters and some chained themselves to the outside of the building…The protestors associated with the group Hands off Appalachia and Capitalism vs. the Climate climbed the crane before work began Monday morning on the site of a 15-story building now under construction next to the Majestic Theater on Summer Street. Three people went out on a boom and two began hanging about 200 feet off the ground and unfurled a 40 foot by 60 foot banner protesting UBS’s support of a company involved with the blasting away of tops of mountains for minerals. The activists pulled the banner back in at about 11:30 a.m. after about 2 hours of allowing it to fly directly within view of UBS’s North American headquarters on Washington Boulevard…At about 11 a.m. police found two other people that they believe were associated with the protest that had walkie-talkies, repelling gear and cameras watching from the Bell Street Garage. Fontneau said those two have also been taken into custody. On their web site, Hands Off Appalachia is claiming responsibility for the banner and are displaying pictures on their website. On the website the group says, “To executives at UBS, the devastation of strip-mining might just be another set of numbers on one more piece of paper. To the people of Appalachia, it is a matter of life and death. Today, we are headed once again to Stamford to tell UBS that no one is collateral damage to their profits. Hands Off Appalachia will not rest until UBS stops enabling the destruction of Appalachia and its people and severs their relationship with coal companies that engage in mountaintop removal.” [Stamford Advocate]

The Swiss bank is in the clear when it comes to further fines and all it has to do is rat out all the other banks it knows is engaging in the same thing its own employees have done. Read more »

  • 01 Nov 2013 at 5:16 PM

Suspension Watch ’13: Barclays, UBS

A whole bunch of currency traders have been asked to take 5. Read more »

  • 20 Sep 2013 at 2:51 PM

UBS Whistleblower (Allegedly!) Likes His Drink

Remember Bradley Birkenfeld? Former UBS employee who scored himself a $104 million bonus from the IRS for single-handedly making the government’s case against UBS re: tax cheats, which resulted in the US scoring $780 million from the Swiss bank and in turn nearly $5 billion when you count the additional Americans who were inspired to “voluntarily disclose offshore accounts”? But not before he was sentenced to 40 months at Schuylkill Federal Correctional Institution, 32 of which he did before getting the rest lobbed off for good behavior? He’s been celebrating for the past year, and recently celebrating a little too much. Read more »

In the heat of the moment, though, the only appropriate thing to do seemed to be to walk back to the club and punch the guy in the side of the head. In retrospect, he understands how that was probably a slightly disproportionate response. Read more »

  • 12 Sep 2013 at 2:47 PM

People Moves ’13: Morgan Stanley

The House of Gorman has lost some good men to UBS. Read more »