A Series of Unfortunate Goof Ups
Team Latte
May 29, 2005
For some reason UBS keeps landing on the wrong side of the law and land into undesirable situations. Whether it is New York or Mumbai, India UBS is always caught up in the eye of the storm. Whether it is the multimillion dollar sexual harassment case, large equity derivatives losses or problems with offshore derivatives investment UBS is there. It is as if this bank cannot stay away from controversy and crises.
In a related article in this section (A Long Time Ago in 1997 - The Fall of UBS) we documented the equity derivatives debacle at UBS in 1998. A lot of interesting internet links were presented along with the introduction, though it appears now that most of those links are now dead. But the case of equity derivatives debacle in UBS around 1997-1998 is well documented elsewhere.
A senior female employee is called "too ugly" by her peers and harassed. One man's ego becomes so big that he holds hostage a whole bunch of other bright colleagues and their decision making. A few arrogant bankers decide not to cooperate with the regulatory watchdog of a country when asked to do so. Is there a pattern there? Or are these simply isolated and random events, unfortunate but gripping, and something that Paramount Pictures should consider as a sequel to Lemony Snicket's A Series of Unfortunate Events?
Our intention is not to pass judgment here, for we cannot. We simply present point and counterpoint of these arguments, as reported on the internet. Hope you will be able to form your own opinion.
Mumbai, India
May 17 - May 18, 2005
Point
Counter Point
New York
April 10 - April 16, 2005
Tokyo
May 30, 2005
  
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