American taxpayers do not have the monopoly on banker bonus outrage. Apparently the Swiss are blowing a gasket over UBS's decision to dole out $1.77 billion to its staff (or about $22,000 per employee, which is about 80 percent less than the bank paid last year), after taking money from the state. The Social Democratic Party has called for Eugen Haltiner, president of the Federal Financial Market Supervisory Authority, and said in a statement, "the bankers' arrogance knows no limits," describing the payout as "incomprehensible." At left, the UBS building in Zurich after an "incident" earlier this month. Click for more.
The Swiss: They're Just Like Us!
Posted by Bess Levin, Jan 28, 2009, 10:15am
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Posted by guest , Jan 28, 2009 10:26AM
UBS sucks. Just thought I'd remind everyone.
Ciao
Posted by guest , Jan 28, 2009 10:29AM
I-Bankers suck in general. Just thought I'd remind everyone.
Arriverderci
Posted by BottomFellOut , Jan 28, 2009 10:29AM
they love the big unlimited pork check...
another band aid on the systemic failure of the US
Posted by guest , Jan 28, 2009 10:30AM
Executives only pay bonuses to cover for receiving their MUCH BIGGER bonuses.
Suck it up Switzerland. I do like the redecoration - quite colorful.
Posted by guest , Jan 28, 2009 10:31AM
That's only $500mm more than they are offering the US Treasury to settle charges they facilitated tax evasion. Is the Swiss public outraged by that?
Posted by guest , Jan 28, 2009 10:36AM
thief.
Posted by guest , Jan 28, 2009 10:37AM
Bess, WTF is sadtrombone.com? Image appears to have a dead link.
Posted by guest , Jan 28, 2009 10:51AM
hans and heidi on mainstrasse DEMAND their fair share of the melted down dental fillings!
Posted by american bandersnatch , Jan 28, 2009 11:09AM
I like the juxtaposition of the paint and the corporate logo. Could I commission a paint splattered Goldman Sachs entryway?
Posted by guest , Jan 28, 2009 11:12AM
@7 too bad your computer sucks.
www.sadtrombone.com
Posted by guest , Jan 28, 2009 11:13AM
Lets not jump to conclustions folks, maybe it's just a homage to Jackson Pollock on his birthday...
Posted by guest , Jan 28, 2009 11:17AM
I like the Swiss. Anyone attempting that kind of redecoration in the US runs the real risk of being shot.
Posted by guest , Jan 28, 2009 11:27AM
That building looks ghetto.
Posted by modskool , Jan 28, 2009 11:37AM
I like how this allows CS to take the moral high ground -- no govt bailout, no tax evasion (well, not as much as UBS in any case).
That vandalism right on Paradeplatz was pretty sweet -- a bunch of us CSers celebrated across the street at Movenpick and waited to see how long it would take to get cleaned up.
Posted by guest , Jan 28, 2009 11:57AM
Inside UBS it's business as usual. Anyone who mentions clients departing in droves or the fugative formerly known as head of wealth management is just being negative. Everybody knows the firm is stable and respected und der vill be bonuses!
Posted by guest , Jan 28, 2009 12:12PM
I wonder if the Swiss have the same bonus ratio structure as most US companies. Execs get the elephant and the rest of us get a bag of peanuts...what a circus.
Posted by guest , Jan 28, 2009 1:39PM
It's our own fault really.
Maybe if I didn't work until my eyes bled so my boss and his boss can make 3x and 5x my take, then the system would break down.
The bank model is a BS apprentice system. If there is no huge payday on the horizon, will the 'hard-core' bankers really show up?
Posted by guest , Jan 28, 2009 4:10PM
$1 Billion of that is Contractual ie, people who 1-3 yr contracts
truly amazing that some folks are still under their 2005-2007 contracts...
see bloomberg story
Posted by guest , Jan 28, 2009 6:11PM
too Swiss=too boring, didn't read.