The Banking Commission was surprised to hear yesterday that UBS had fired only 18 of the 40 people it had disciplined over LIBOR rigging.
I have three reactions. First, I am not surprised that banks think this is a minor issue, despite its fraudulent reality. That's how far removed from responsibility that they are.
Second, this puts in doubt everything else UBS said about changes in culture and the need for more progress on that issue.
Third, the reality is that this makes clear that UBS has still not faced up to the reality of corporate culpability for fraud.
Last, the idea that, as UBS claimed, LIBOR rigging happened without anyone in senior management knowing. That's either just not possible, or is indication of a failure on such a scale that it should not have been possible. Either way, the bank was, and appears to still be, rotten to its core and even a fine of £940 million does not appear to have woken it to the fact.
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As was previously said by another contributor to this blog a few weeks ago, why is UBS still allowed to continue trading? Why haven’t the authorities revoked their banking licence? When the hell are politicians going to act in the wider interests of society and properly deal with the financial sector fraudsters?