Obama really needs to find better people to golf with besides CEOs from companies like this. What is also interesting to note here is that yet again, here is a big player who has been caught yet we're not seeing a perp walk. No, apparently that's only for smaller players who aren't white, nor part of the traditional who's who of the finance industry.
The losses involved here are considerably higher than the alleged $25 million ripoff from Galleon Group. Now the status quo media is comparing Galleon to the mob. Maybe, but there certainly appeared to be a lot of that going around in recent years. If you look at the billions that went down the drain during the credit crisis, either of these amounts are laughable. And to think these are the companies that Obama is giving preferential treatment to for the H1N1 vaccine.
Four former dealers at UBS plundered customer accounts to trade and dumped the resulting losses on them, Britain's financial regulator said, further denting the battered Swiss bank's reputation.
The scandal has cost UBS more than $55 million as the Financial Services Authority slapped on an 8 million pound ($13.2 million) penalty — its third largest ever — and the bank compensated clients by more than $42 million.
