http://www.nytimes.com/2010/10/15/business/global/15ubs.html?ref=business
No legal action, in other words
Fuck You common stock holders
We don't even consider you anything to worry about, let alone worry for!
Legal action might just actually implicate us, so we're making no waves in hopes this situation will just go away!
The Swiss bank UBS said Thursday that it will not take legal action against former executives and board members for the huge losses suffered during the U.S. subprime crisis that forced a bailout of the company.
Kaspar Villiger, chairman of Switzerland’s largest bank, said in a statement that the company had learned lessons from the crisis and now was focusing on the future.
“What happened should not have been allowed to happen
“Despite warnings, the bank falsely believed that its financial products in relation to the U.S. real estate market were valuable and sufficiently hedged against losses,” the report said.
UBS, long the star of the Swiss banking industry, lost billions of dollars during the global economic crisis and the confidence of many investors during a lengthy tax dispute with the United States.
Regarding this dispute, the report acknowledged that the bank had not made a comprehensive assessment of the compliance risk of its U.S. cross-border wealth management business before the investigation by U.S. authorities
