Britain's Financial Services Authority fined UBS $47.5 million on Monday for failing to prevent a $2.3 billion loss caused by former trader Kweku Adoboli. The fine was one of the largest ever levied by the British regulator. Adoboli, 32, was sentenced to seven years in prison last week for his role in the scandal. UBS was found to have had serious weaknesses in the internal controls of its investment banking unit.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- How academia's liberal bias is killing social science
- What is Molly? Everything you need to know about the party drug
- Dick Cheney's America is an ugly place
- The Hobbit: A disappointing set of movies, but a worthy set of prequels
- America is building a Sunni army in Iraq to take on the Islamic State
- 43 TV shows to watch in 2014
- How to make the ultimate grilled cheese
- The liberation of Barack Obama
- Diagnosing the Home Alone burglars' injuries: A professional weighs in
Subscribe to the Week