Lose $49 billion in bad bets.
Give $60 billion of your most toxic loans to the Swiss Government.
Pay $1.8 billion fine for money laundering and secret accounts.
Then pay yourself bonuses of $1.6 billion to your bankers for the good year!
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5587271.ece
Maybe John Thain should move to Switzerland. He would fit right in!
2 comments:
I think you miss a few points:
1) That number is down roughly 80-90% from last year,
2) A large part of that number are bonus payments that were contractually guarenteed 1-3 years ago. The bank has to pay those.
3) The majority of the rest of the money is going to fairly low level employees who actually made money for the bank and had nothing to do with the losses. These are the people you actually want to keep if the government/taxpayer would like to see a return on their investment.
You lose $50 billion and you need bonuses?
No-one, absolutely no one cares if the lower level employees are paid out bonuses. Everyone can agree that they are entitled to their bonuses, as the lower level employees by definition, were not losing the money for UBS.
That, however, is the smokescreen UBS uses to pay their "talent." Talent that lost billions and billions of dollars.
To quote the "soup natzi" "No bonus for you!"
And that will continue, now that there is a three year clawback!
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