“If you see a Swiss banker jumping out of a window, follow him. There is sure to be a profit in it, Voltaire is once said to have remarked. These days, no action by a Swiss banker should be taken on trust.
伏尔泰(Voltaire)据说曾说过这么一句话:“如果你见到一个瑞士银行家从窗口跳出去,跟着他跳,肯定能赚钱。如今,瑞士银行家的行为却再也不值得信任了。
The Sfr1.4bn penalty levied on UBS for its organised rigging of official Libor interest rates would come as a shock at many banks. But UBS has brought a special quality of poor management – and worse – to investment banking for the past two decades. This is just another episode in a saga of ambition, incompetence and malfeasance.
瑞银(UBS)因有组织地操纵官方的伦敦银行间同业拆借利率(Libor)而被处以14亿瑞士法郎的罚款,这对许多银行都会是一次巨大的冲击。不过,过去20年瑞银一直在对投资银行部门实行罕见的糟糕管理——有时候还会更糟。这次不过是上演了关于野心、无能和渎职的又一幕大戏。
The fact that UBS stands for nothing – it was reduced to a set of initials in the 1998 merger of Swiss Bank Corporation and Union Bank of Switzerland – strikes me as symbolic. Its investment bank, which caused most of its troubles, was built from a patchwork of banks – SG Warburg, Paine Webber, Dillon Read – and has always lacked a heart.
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