UBS: ex-executive renounced $10M in exit pay

UBS: ex-executive renounced $10M in exit pay
By BALZ BRUPPACHER Associated Press Writer


Nov 9th, 2008 | BERN, Switzerland -- Former UBS AG Chief Executive Peter Wuffli has renounced 12 million Swiss francs ($10.2 million) in payments he was to receive under his contract when Switzerland's largest bank fired him as the subprime crisis began, the bank said Sunday.

A bank spokeswoman confirmed what Wuffli, who left Zurich-based UBS in July 2007, told the weekly NZZ am Sonntag in an interview Sunday.

"I understand the widespread indignation," Wuffli said in disclosing that he already had turned down a payment of "substantial millions" a year ago and that he went to the bank recently and told it to keep the rest of the 12 million francs.

The move by Wuffli adds to pressure on other former UBS top managers, including former Chairman Marcel Ospel, to give back bonuses and other payments credited to them by the bank as it ran up such losses that it received a near $60 billion bailout package from the Swiss government last month.

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http://www.salon.com/wires/ap/business/2008/11/09/D94BHQK80_eu_switzerland_ubs_bonus/index.html

probably the vary reason he is 'former'. Only when WE see the march of CEOs, CFOs, COOs, etc. in orange jumpsuits behind chainlink and barbed wire fences will I believe anyone is serious about correcting the REAL PROBLEM.