“Death penalty” for UBS?

Bloomberg columnist William D. Cohan says U.S. regulators should see the UBS Libor scandal as the last straw and ban the Swiss bank from doing business in the U.S.

In a column titled, “UBS Libor Manipulation Deserves the Death Penalty,” Cohan says UBS “has been disgracing the banking profession for years and needs to be shut down.”

“To see the level to which UBS employees descended,” Cohan writes, “one need look no further than their written communications, as per U.S. prosecutors’ document dump. ‘Mate yur getting bloody good at this libor game,’ one broker told a UBS derivatives trader. ‘Think of me when yur on yur yacht in monaco wont yu.'”

Also read:

UBS agrees to $1.5-billion Libor fine

UK regulator fines UBS £29.7 million

More LIBOR settlements on the way

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.