Saturday, May 12, 2012

UBS CEO resigned after a $2.3 loss by rouge trader. JP Morgan CEO Dimon endorsed the trades involved. Time to take responsibility?

Funny how the past has caught up with JP Morgan CEO. Check what happened at UBS last year:

LONDON — The Swiss banking giant UBS said on Saturday that its chief executive, Oswald J. Grübel, had resigned over a rogue trading scandal that shook the European banking sector and raised new questions about the adequacy of financial regulation.

The resignation was a dramatic fall for Mr. Grübel, who came to be known as “Saint Ossie” for reviving Credit Suisse, another Swiss banking giant, before he was hired out of retirement two and a half years ago to do the same at UBS.

Mr. Grübel decided that the $2.3 billion loss as a result of unauthorized trades by a midlevel employee had made it impossible to run a bank that has lurched from crisis to crisis in recent years and desperately needs to repair its reputation.

Funny how history repeats itself.

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