UBS Execs Did Nothing Wrong But Still Choose To Go Without


Aw, looks like it's give up your paycheck day! The former chairman of the Swiss bank, Marcel Ospel, former vice president Stephan Haeringer, and former chief financial officer Marco Suter are forfeiting not all but part (two-thirds) of their salaries "and other payments...," which amount to approximately $27.7 million. During the last year of the troika's magisterial reign, UBS ran into a mere $40 billion in write-downs and losses. A spokesperson for the group said today that they "want to make it clear that they are facing up to reality [though] 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."
3 Former UBS Executives Forfeit Pay [AP]