We're off the reservation here. This is a thread about Madoff, not CSE's default. Zero fvcks given to UBS or CS. I have no love for either bank. My only dealing with UBS was their OTC exotics front-end and I haven't used it in years. I had no significant issues with UBS and this was OTC FX options. So imagine a fraction of the transparency associated with the ETFs that CSE was trading. She blew-up and attempted to recover via a suitability argument. When that didn't work she claimed that the orders were internalized.