Dispatch from a UBS rogue broker

This is a fascinating article in Forbes by a former UBS broker, Justin Paperny who was imprisoned for 18 months for his part in a White Collar Ponzi scheme at UBS. He says that the corporate culture and patterns of behaviour at UBS that caused his downfall have not changed and are behind what has happened in the recent Kweku Adoboli case.

Here at Honestly Banking we have had dealings with many banks over the years and what he says rings true. An interesting measure is always the turnover of staff. As some of our head-hunter readers point out there has been a huge outflow of UBS staff over the last few years - and they tell some interesting tales - please keep talking to us!

Paperny uses a well-known and quotation by Plutarch which seems very pertinent: "Written laws are like spider’s webs. They will catch, it is true, the weak and poor, but would be torn in pieces by the rich and powerful"

Justin Paperny's own site can be found at: http://etikallc.com/