A Picture Of A Bank Without An Ethical Culture

In an earlier post we reported that a trader at UBS lost over $2 billion and we raised questions about the gambling culture in the trading division of the bank. This article makes the point that it is the absence of a culture and code of ethics at UBS that is the problem. A long history of bad deals has cost the bank billions and forced the government to rescue the bank. It needed to be threatened with legal actions by the IRS in order force the bank to reveal the names of wealthy Americans that were evading taxes by hiding assets in UBS accounts. Shareholders have not been rewarded by this behavior.