UBS has been kicked rather hard due to its business practices, writing down billions and scrambling for a government bailout back home in Switzerland. While none of that is comes as much of a surprise for Phil Gramm’s employer, the post-bubble actions most definitely are surprising. Executives are either declining or giving back bonuses – millions of dollars worth of bonuses – and the company is going to allow a review of its business. The fact that we have seen nothing like this on Wall Street is not only disappointing, it’s infuriating as hell.

Wall Street continues to get a free ride when they ought to be jumping and asking “how high?” to the country. Somehow there continues to be a total lack of accountability in America these days but hats off to the Swiss for moving in the right direction.