The article in this Blog dated Wednesday, November 21, 2012 (UBS Trader Jailed for 7 years) lamented the fact that only the trader was prosecuted and punished.
The latest reports today state that the Bank UBS has been fined 42 Million pounds as a punishment for the the inadequate controls concerning control of the activities of the Trader, Kweku Adoboli.
Fining a prosperous Bank is not a real punishment. Banks just like any other operating companies have a responsibility towards their Shareholders and their Customers. Managers in Banks are paid (often handsomely) to supervise employees and to ensure efficient controls are in place !!!
Lower down the line, those employees who do not perform are quickly sacked ! Are managers and directors never responsible ?
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