We can think of few rituals less desirable than appealing to a Swiss parent (or regulator) for money. Perhaps anesthetic-less amputation in a jungle field hospital, or clinical trials for hemorrhagic fever vaccines might qualify. So we do not much envy UBS, which, after a difficult year or two, has to come begging Swiss authorities (specifically, the Swiss Federal Banking Commission- and more humorless gaggle of grumps you are unlikely ever to meet) to approve 2008 bonuses.
Here is a pair of words that should strike cold fear into the hearts of the most jaded bankers. “Absolutely necessary.”
Don’t worry, though he sucked in CHF 130+ million in the last seven years, Marcel Ospel, former Chairman and CEO, didn’t get a bonus for 2007. Fair’s fair.
UBS Bonuses Will Need Regulator’s Approval After Aid Package [Bloomberg]
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tldr
hate to say it, but that is what they should do here for any bank that took billions of bailout money. Let Lloyd, John M, Vik, etc. go with spreadsheets in hand and justify why some i-banker who did two deals in the first quarter and then nothing sine should get 6 figures.
wtf are those 7 swiss duded gonna do about anything, seriously, great smiles though!
Aw, c’mon, EP, those Swissies look like some partyin’ dudes.
Any relatives of yours in the bunch?
- ?
@3 Associate numbers? I believe that depends on whether you have a job after leaving the conference room…
bunch of whiners.