Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
UBS Chairman steps down following "US wealthy" tax evasion scandal
#1
The "St. Peter's Keys" bank of Switzerland suffers under tax evasion scandal. A few years ago, the "IOR" the Vatican's only bank was the 7th largest money launderer in the world.

What a shock it is (not) that it's Swiss son has stepped in its masters footsteps.

http://news.bbc.co.uk/1/hi/business/7923098.stm

UBS boss replaced after one year
The chairman of Swiss banking giant UBS will step down after just one year in the job - a year in which the bank reported record losses from bad loans.

Peter Kurer will be replaced by former Swiss finance minister Kaspar Villiger, in a move that has been widely welcomed by the markets.

At the end of last month, the bank also appointed a new chief executive.

Later on Wednesday, a UBS official will be quizzed by the US Senate about the bank's role in a tax evasion inquiry.

Record losses

UBS lost 19.7bn Swiss francs ($16.7; £11.9) in 2008, largely because of the US sub-prime mortgage crisis that sparked the global economic downturn.

Mr Kurer said that he had set out to reduce the bank's levels of risk and rethink its longer term strategy.

“ We think this is very good news. It will bring confidence to the company and restore its reputation ”
Teresa Nielsen, Vontobel
"I now think that it is time to complete this transition and leave the office at the end of my one-year term," he said.

While Mr Kurer is not being blamed for the bank's heavy losses, he has come under scrutiny in the light of allegations that UBS helped wealthy US citizens evade tax, given his previous position as the bank's chief legal officer.

Mr Kurer will be replaced by Mr Villiger in April.

Restoring confidence

"We think this is very good news. It will bring confidence to the company and restore its reputation," said Teresa Nielsen at Vontobel.

Indeed, the need for a clean break with the past was an important factor in the management change, analysts said.

"Mr Villiger has a good background - he has been involved in legislation against money laundering and has international political connections. This will distance the bank from the ongoing tax investigation [in the US]," said Javier Lodiero at Oppenheimer.

Last month, the bank appointed Oswald Gruebel, the former head of Credit Suisse, as its new chief executive, replacing Marcel Rohner.
The shadow is a moral problem that challenges the whole ego-personality, for no one can become conscious of the shadow without considerable moral effort. To become conscious of it involves recognizing the dark aspects of the personality as present and real. This act is the essential condition for any kind of self-knowledge.
Carl Jung - Aion (1951). CW 9, Part II: P.14
Reply


Possibly Related Threads…
Thread Author Replies Views Last Post
  Stanford laundered money from wealthy Latin Americans to fund anti-leftist rebellions Magda Hassan 0 3,251 11-04-2009, 03:22 PM
Last Post: Magda Hassan
  FSA "fox in the chicken house" deputy chairman resigns David Guyatt 1 2,332 11-02-2009, 02:38 PM
Last Post: David Guyatt
  Belgian government collapses over Fortisgate insurance scandal. Magda Hassan 0 2,525 21-12-2008, 08:00 AM
Last Post: Magda Hassan
  Geithner and the AIG Emails: Scandal Is Only Tip of the Iceberg Magda Hassan 0 2,243 Less than 1 minute ago
Last Post:
  Vatican bank sets up money-laundering unit hoping to escape scandal David Guyatt 0 6,097 Less than 1 minute ago
Last Post:
  Steps underway to remove Jewish national fund from list of charities in UK Magda Hassan 0 1,676 Less than 1 minute ago
Last Post:
  Head Of Communications At Italy's Scandal-Ridden Banca Monte Paschi Has Committed Suicide Danny Jarman 0 2,983 Less than 1 minute ago
Last Post:
  Barrick Gold (CIA/Mafia Front) Co-Chairman Paid $17-million in 2012 Peter Lemkin 0 3,728 Less than 1 minute ago
Last Post:
  hahahaha! HM Revenue claims serious tax evasion has declined. Hahahahaha! David Guyatt 0 2,634 Less than 1 minute ago
Last Post:
  Gordo Brown tells Mervyn King he's talking f***ing b***locks in US financial spy scandal David Guyatt 0 1,907 Less than 1 minute ago
Last Post:

Forum Jump:


Users browsing this thread: 1 Guest(s)