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
- 10 things you need to know today: September 2, 2014
- What would a U.S.-Russia war look like?
- The Obama era is over. The presidency continues.
- Scottish independence is another financial crisis waiting to happen
- The 10 best networking tips for people who hate networking
- America created the Islamic State of Iraq and Syria? Meet the ISIS 'truthers'
- How American businessmen are ruining American business — and the U.S. economy
- Fall movie guide: All the films you should see in September
- The elusive 'It factor' in presidential politics
- 11 scientific studies that will restore your faith in humanity
Subscribe to the Week