The Divide: American Injustice in the Age of the Wealth Gap Highlight

UBS was even worse—a nonprosecution agreement. British and American officials identified forty individuals, including eleven managers, who participated in the historic rate rigging and at least seven more senior executives who knew what was going on. They also found that “certain UBS managers and senior managers” in the bank’s Group Treasury, which oversees finances for the entire company worldwide, had repeatedly told subordinates to “err on the low side” in setting interest rates, a practice that caused the market’s view of UBS’s health to be systematically overinflated. For this incredibly serious crime, which had consequences for nearly every person in the world who has money or buys or sells anything, and which makes the shenanigans at Abacus Federal Savings Bank seem like kindergarteners whispering during naptime, the UBS parent company completely escaped prosecution.