Gambler's den UBS? Press Council rejects accusations against Inside Paradeplatz
UBS is a gambler's den, its management a bunch of repeat offenders: Is it permissible to publish something like this without first obtaining a statement from the bank? Yes, says the Swiss Press Council - these are not serious accusations, but expressions of opinion.
The Zurich Finance Blog Inside Parade Ground had used the UBS annual report in March 2016 as an opportunity to sharply criticize the bank's bonus practices: "100 million for the 12 bosses, kicks for the rank and file" was the Post headlined. It said: "Bonus is a system of lies". The big bank lodged a complaint, saying it had not been given the opportunity to object. Since the Press Council requires this in Guideline 3.8 in the case of "particularly serious allegations," UBS demanded that the author Lukas Hässig be reprimanded.
In its response to the complaint, the Press Council emphasizes that a hearing is only mandatory in the case of allegations that reach a certain level of severity, for example in the case of illegal or comparable conduct. Inside Parade Ground had, however, used the term "gambler's den" to refer to legal gambling, such as that conducted by the London-based UBS derivatives trader, which had amassed some $10 billion in risks in this way in 2011.
The term "repeat offender" also does not characterize illegal conduct as long as the criminal dimension of the act is not described in more detail. And the word "lie" is also used to describe many legal behaviors. Inside Parade Ground cannot therefore be obliged, says the Press Council in its current statement, to confront UBS with such allegations. These are not allegations of fact. However, strongly pointed statements of opinion are covered by the freedom of the press and the freedom of expression.
