Ex-UBS bosses forgo $27.7m pay
November 28th, 2008
“Three former bosses at Swiss bank UBS are to forgo 33m Swiss francs ($27.7m; £18.1m) in salary and other payments.
Ex-chairman Marcel Ospel, former vice president Stephan Haeringer and ex-chief financial officer Marco Suter oversaw huge losses at the bank. “
I noitced that the fine gentlemen of UBS top management finally had the decency to show some personal modesty !
The three said they “want to make it clear that they are acing up to reality” said UBS, which has had to write-down almost $49bn since the sub-prime crisis started.
“”The move to forfeit the remuneration is entirely voluntary and should in no way be construed as an admission of guilt in a legal sense,” the bank added. “
I think their comments say it all.