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Market Commentary 21 September

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Market Commentary 21 September

Postby alayoua » Wed Sep 21, 2011 2:18 pm

Market Commentary 21 September

Falling on your sword is just so last century

“He’s not the messiah, he’s a very naughty boy.. – Monty Python, Life Of Brian.”

There was a time when politicians made an effort to set the moral agenda. However, given the refusal of leading politicians (in all countries) to accept any responsibility for their actions it comes as no surprise when the CEOs of major companies display the same levels of arrogance and defiance when confronted with their failure…

The harshest punishment Oswald Gruebel, chief executive officer of UBS, may face is pressure to cut the levels of risk and shrink the investment bank when the board meets in Singapore today, less than a week after a $2.3 billion loss (and ‘conveniently’ rising) from unauthorised trading.

The CEO apparently received a “scolding” yesterday from the Government of Singapore Investment Corp., the company’s biggest investor, who expressed “disappointment and concern about the lapses” and urged UBS to “take firm action to restore confidence in the bank,” according to a statement from the sovereign wealth fund after its senior management met with Gruebel yesterday.

Gruebel, was anointed with the responsibility to rebuild Zurich-based UBS after the huge bank suffered record losses on their U.S. sub-prime mortgage securities which in turn led to a state rescue. “Saint Ossie” helped to restore Credit Suisse Group AG’s profits as a consequence of the rescue and bailout.

Christian Hamann, an analyst at Hamburger Sparkasse;
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