UBS's $1.5 billion settlement for manipulating interbank lending rates is the fourth separate regulatory finding against the Swiss group in as many years - underlining the failure of bank executives to reform the corporate culture...Just last month, a London jury convicted one of UBS's former traders, Kweku Adoboli, of the biggest banking fraud in British history after he lost $2.3 billion in rogue trades. The FSA also fined the bank 29.7 million pounds ($39.2 million) for allowing the unauthorized trades. The trading loss is now seen among UBS staff as the new benchmark of wrongdoing, with reports of relief among employees that the bank's $1.5 billion global Libor settlement was "only half an Adoboli." [FT]
Kweku Adoboli's Colleague Couldn't Help But Admire The Cojones It Took To Lose UBS $2 Billion
Not everyone would have the balls, but Adobli did and for that he deserved props.
In Retrospect, UBS Brokers Would Not Have Sold Investors Puerto Rico Debt, Lied About It 2 Seconds Before The Place Went Bankrupt
Thirty-two million dollars in fines will do that to a person.
Justice Department To UBS: On Second Thought, Go F*ck Yourselves
Just kidding about that non-prosecution agreement.
Ex-Goldman Sachs Banker Agrees To 2-Year Ban, 6-Figure Fine For No Reason At All
Well, not one he'll be admitting or denying.