Former UBS Executives Repay $58.3 Million of Bonuses

Former UBS Executives Repay $58.3 Million of Bonuses

www.bloomberg.com

Nov. 27 (Bloomberg) -- Former UBS AG executives have given back about 70 million Swiss francs ($58.3 million) in bonuses after record losses forced the bank to take aid from the state.

“I would very much like to see more bonuses waived or returned in the interests of the bank,” Chairman Peter Kurer told a shareholders meeting in Lucerne today, prompting applause from the almost 2,400 investors present. “I am therefore continuing to hold discussions on this topic.”

Switzerland’s largest bank, which last month got a $59.2 billion aid package from the state and the central bank, has faced calls to reclaim compensation from managers that left the bank in the aftermath of subprime-related losses. Former Chairman Marcel Ospel and two ex-colleagues on the board offered to forgo 33 million francs in pay this week. Former Chief Executive Officer Peter Wuffli waived his entitlement to 12 million francs.

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Yes its a Swiss company... but wouldn't it be wonderful if we saw such a gesture here?

Fat chance... not with a handful of executives threatening to move to Canada if they have to give up their golden parachutes...

... but if a company tanks when it is under your watch... you should be the first to defer... after all the CEO and top executives are supposed to be responsible.

Yeah right. Not with ole Uncle Sam there to bail your sorry asses out.

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