Karmically-speaking, when you’ve built a global superbank on the stolen gold and looted treasure from 17 Nazi-occupied countries, you’re already on shaky ground. When you exact patronage bribes from Connecticut politicians in the guise of forgivable loans just so they can keep your precious jobs in-state, you’re not making things any better. And when you then compound that by coming into foreign countries under the guise of “wealth management” and offer the citizens of those countries “tax evasion as a service”, well, let’s just say you’re asking for trouble.
But the final straw for UBS, a superfluous investment bank that no one in this country would miss if it disappeared tomorrow, was the $2.3 billion in trading losses the company incurred over the course of months by a supposed “rogue trader”.
And now the CEO has finally
been pushed out stepped down…
ZURICH (Reuters) – Swiss bank UBS’s Chief Executive Oswald Gruebel resigned on Saturday, shouldering the blame after its scandal-hit investment banking business lost $2.3 billion in alleged rogue trading…
“Oswald Gruebel feels that it is his duty to assume responsibility for the recent unauthorized trading incident. It is testimony to his uncompromising principles and integrity,” UBS Chairman Kaspar Villiger said in a statement.
What a hero.
There are very few companies that are worthy of being despised. Most are a collection of good people and not-so-good people. UBS, however, is atrocious from top to bottom. I take money from UBS “financial advisors” all day long. I wrench people out of its horrible hedge funds and brokerage products and I take the calls from people who say “all I wanted was to work with my guy at PaineWebber, how did I end up dealing with these clowns?”
I wish UBS deport itself from the United States.
The sooner is sells off its Americas Wealth Management business the better. Good riddance.