Since UBS had already approved the acquisition of CS, isn’t the cancellation of CS remuneration essentially a gift to UBS shareholders? These salaries were to be paid by UBS, so it isn’t money that will go back to taxpayers (unless it was used as a lever in government negotiatioms).
Or did I miss something?
3 comments
1. The swissinfo ‚article‘ is trash (but at least it contains a useful link).
2. We‘re talking about CHF 60mio which is peanuts for UBS. It‘s more a slap on the wrist of the affected bankers to pretend that the government will hold them accountable. And also to show to the people that at least something is being taken away from the people who are responsible for this disaster.
It’s marketing… CHF 200 billion+ risk and CHF 60m bonuses cancelled… AHAHAHAHA
The real gift was the 100bln loan, changing the law (on a Sunday at 8pm!) to write off 17bln, tax payers paying up to 8bln for losses arising from the deal.
UBS made one hell of a deal! The swiss tax payer got screwed.