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WEALTH MANAGEMENT CRISIS AT UBS
1) In your opinion, to what extent did the government and national culture play in the scandal? And to what extent did corporate culture contribute to the scandal?
2) Without the Global Financial Crisis, do you think the scandal would have been reasonably uncovered, or would they have lingered? If yes/no, please explain.
3) Does it matter who or what entities could have been impacted by the scandal? What if net/net there were no losses incurred?
4) In your opinion, is the next scandal already underway, and are we just waiting for the next recession to find out what is currently going on? Please explain.

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azikennamdi

This prompt explains some details of the UBS Scandal/Crisis. This scandal was historic because of its magnitude as well the potential damage it would have caused had it not been contained.

To what extent did the government and national culture play in the scandal?

The key role of the Swiss government which aided the scandal was that she supported anonymity and secrecy between the parties involved (that is the banks and their clients).

To what extent did corporate culture contribute to the scandal?

Not that the corporate culture was in itself bad. The corporate culture at Barclays at that time was largely:

  • Being Result Oriented;
  • Loyalty; and
  • Ensuring and maintaining a positive outlook or outcome.

What was the possibility of uncovering the crises had the Global Financial Crises not occurred?

Yes, The scandal would have lingered. This is because, UBS had engaged in a high-risk move, which was exposed by the mortgage crises of the time.

Does it matter who or what entities could have been impacted by the scandal?

Of course, it mattered to the entities that were going to be impacted. It was estimated that in Switzerland alone, about 1 million current account holders and three hundred thousand corporate accounts were at risk.

Even at a Net-on-Net position, had the Swiss Government not bailed UBS out, it would have resulted in a disastrous effect of global proportions.

Taken too far, this culture drove some of those involved to do all they could to win, albeit unethical actions.

Is the next scandal underway?

There is no way to tell for sure. On the balance of probability (based on history and industry character), however, one could say that there is a 50 percent chance that scandals are occurring every now and then.

Learn more about UBS Scandal/Crises.

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