Despite being told by shareholders in general to hit the bricks and by one in particular (Salvatore Cordello, real name) that he’d turned the bank into a “casino,” Marcel Ospel (proverbially) chained himself to the front door of UBS this morning, where he vowed to remain until this so-called “financial crisis” is over. Ospel also made it clear that he’s not in this to make friends (telling the crowd of 6,500, "Popularity isn't the benchmark by which I or the board of directors measure our actions"), nor is he in this to make money (“As you probably already know, results aren’t the benchmark by which I or the board of directors measure our actions, either") a motto the sources in our head tell us he ripped off from Stan O’Neal. Though he chose not to offer any specs on how exactly he plans to put this Swiss bank back together again (we’re hoping for more write-offs, that shit's adorable), Ospel promised to make sure “UBS gets back on the road to success, right after this rousing game of Trader Face or O-Face.”
UBS Chairman Focuses on Turnaround [WSJ]
Trader Face or O-Face? [Details]