Report: UBS CEO not resigning in trading scandal

[Omaha Steve]

Source: AP-Excite

GENEVA (AP) - The chief executive of UBS says he feels responsible but not guilty for the $2 billion loss a rogue trader has caused the Swiss bank.

Oswald Gruebel told the Swiss weekly Der Sonntag in an interview Sunday he also isn't thinking about resigning.

Gruebel was brought in more than two years ago to lead UBS out of a series of missteps that have heavily damaged the biggest Swiss bank's reputation. He told the paper in his first interview since UBS announced the loss Thursday that he was "responsible for everything that happens at the bank."

Read more: http://apnews.excite.com/article/20110918/D9PQSQO81.html

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Alleged renegade UBS trader Kweku Adoboli, center, walks to a security van flanked by police officers after appearing at the City of London Magistrates Court in London, Friday, Sept. 16, 2011. The alleged renegade trader accused of losing Swiss bank UBS about $2 billion in unauthorized trading was ordered held in prison custody Friday charged with fraud and false accounting. Adoboli, 31, will be held until another court appearance on Sept. 22, presiding magistrate Carolyn Wagstaff said. (AP Photo/Matt Dunham)

[DCKit]

1. I think I used to get email from that guy.

Seriously, though, anyone who thinks this didn't (or doesn't) go all the way to the top at ALL the firms is a staunch (R) voter and completely, willfully ignorant.

[Scruffy1]

2. If he would have made money you wouldn't have heard a thing.

Amazing to me that some one can "lose" 2 billion. It also means someone "found" 2 billion. So apparant that the financial wizards who run the universe are not only evil, but completely incompetent.

[NBachers]

5. Yeah, where'd the money go, anyway?

I'm pretty financially illiterate, but it seems to me that if it went "out" from somewhere, it went "in" somewhere else.

[dixiegrrrrl]

7. Doubly amazing this happened over a 2 year period and NO ONE noticed.

What does that say about ANY financial controls at these banks?

My gut says the guy is a scapegoat.

[reformist2]

8. Makes sense. It could be one of their quant funds blew up in August.

[aquart]

9. What is a "quant fund"?

And why would it blow up?

[reformist2]

11. They're kind of hard to define, but they tend to be run by computer programs and not people.

[aquart]

12. To do what?

[valerief]

3. He'd be shot in China. nt

[plumbob]

4. Years ago, I was shocked by that idea.

I now support it fully. It's the only measure of responsibility capitalists seem to understand.

[hatrack]

6. Or, to paraphrase Matt Taibi, if 1 investment banker - Blankfein, Jamie Dimon, whoever . . .

. . . had ended up doing 25 years in a good old-fashioned ass-raping state prison, every banker in America would have toddled into one long line like meek little lambs and said "Yessir, Mr. President."

That didn't happen, and now they're delivering a big "FUCK YOU!" to all of us, with big assists from Geithner, Summers, Emmanuel and Daley. Shocking, huh?

[aquart]

10. And they were EXPECTING to be prosecuted.

Now they think they're untouchable. I sincerely want them to hang all in a neat row.

But mostly, I want a lovely confiscation war between the nations as to who gets to seize which assets.