Ah, Switzerland. The land of fine time pieces, exquisite chocolate and institutionalized tax evasion.
There’s been a switcheroo as regulators on two continents engage in a light wrist-slapping at UBS over the bank’s role in the Madoff fraud and the let’s-arm-our-unregistered-advisors-with-encrypted-laptops-to-help-Americans-cheat-Uncle-Sam affair.
Troubled UBS has brought on the architect of Credit Suisse‘s recent turnaround, Oscar Gruebel, to right the giant ship as outgoing CEO Marcel Rohner resigns himself to a retirement high up in the Alps, repairing cuckoo clocks.
OK, I’ve used up all of my Swiss stereotypes.
Here’s a link to TheStreet.com‘s take: UBS Appoints Oswald Gruebel
Full Disclosure: I am not long or short Credit Suisse or UBS in client or personal accounts