According to the Financial Times, the accused UBS (UBS) trader had intimate knowledge "of how confirmation that trades have been done... can happen after settlement."

McGraw Hill didn't respond to a request for comment, but its CEO David Levin told the Financial Times in August that "in higher education, the era of the printed textbook is now over.

Nevertheless one is forced to recognize that in times of financial difficulty the university has a duty to decide where money can be saved.