It's as though nothing happened during the collapse. Sure, one can appreciate the bad publicity that it might trigger but who wants to see this either? There is absolutely no way I would want to remain a customer of such an institution and banks like this are all hoping that enough people are too busy to change. If the banks have no interest in pursuing justice and the governments have no interest (or they've already helped make these actions legal) what else can a consumer do besides go elsewhere?
Perhaps good for PR, but bad for everyone else.
UBS sought to brush its disastrous performance during the financial crisis under the carpet yesterday by admitting mistakes but ruling out any legal action against its former bosses.
The bank said that while there were grounds for it to pursue them through the civil courts, it had decided to take no action, in part because court cases would generate negative public relations and prevent the restoration of its "good name".
UBS said: "Experience has shown that such cases last many years, generate high costs, lead to negative international publicity and thus hamper UBS's efforts to restore its good name in the markets in which it operates."
