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Old 17.08.2009, 07:19
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Former UBS chiefs targeted in Swiss criminal complaint

The Swiss Socialist party is going after Ospel and his buddies.
I agree that Ospel screwed up big time but is it the role of a leading political party that is part of the government to go after those individuals?
Is it going to be a waist of tax payer's money like the Swissair trial?
And finally, what a bizarre timing: 2 days after an agreement with the US. Is it time to steer the pot when things are still pretty shaky for UBS???


http://www.breitbart.com/article.php...show_article=1
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Old 17.08.2009, 09:10
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Re: Former UBS chiefs targeted in Swiss criminal complaint

I don't think it's that surprising. Two comments. Since when was mismanagement a criminal offence? On the question of criminal tax fraud, in many financial centres, a police investigation would be inevitable and automatic where there were reasons to suspect that a large financial institution knowingly participated in large-scale fraud. And it would be worrying if there wasn't some kind of investigation. The police would prepare a report for the public prosecuters who in turn would decide if there was a prima facie case to answer requiring further investigation. I think it's normal for politicians to call for an investigation but you don't often see them wading with as yet unsubstantiated accusations against individuals - they usually say "this is a matter for the police"
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Old 17.08.2009, 10:50
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Re: Former UBS chiefs targeted in Swiss criminal complaint

It refers to assisting tax fraud, not mismanagement. The prosecutor's been looking for enough prima facie evidence for about 18 months now. This is only getting headlines now because the Social Democrats are calling for Ospel and Kurer's heads.

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The police would prepare a report for the public prosecuters who in turn would decide if there was a prima facie case to answer requiring further investigation. I think it's normal for politicians to call for an investigation but you don't often see them wading with as yet unsubstantiated accusations against individuals - they usually say "this is a matter for the police"
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Old 17.08.2009, 11:05
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Re: Former UBS chiefs targeted in Swiss criminal complaint

The office of public prosecution (Staatsanwaltschaft) in Zurich have anyway taken on an investigation, the action of the SP will only be included in the whole thing.

I think it's ok, because UBS was bailed out by the national bank, in the end, the tax payer. So we anyway pay for it.
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Old 18.08.2009, 05:03
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Re: Former UBS chiefs targeted in Swiss criminal complaint

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The office of public prosecution (Staatsanwaltschaft) in Zurich have anyway taken on an investigation, the action of the SP will only be included in the whole thing.

I think it's ok, because UBS was bailed out by the national bank, in the end, the tax payer. So we anyway pay for it.
Thanks. I heard Christian Levrat on the SSR and he was making vague and menacing statements against Ospel and UBS. I thought it was kind of reckless for a politician to behave that way. A case of Schadenfreude.
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Old 18.08.2009, 05:24
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Re: Former UBS chiefs targeted in Swiss criminal complaint

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Thanks. I heard Christian Levrat on the SSR and he was making vague and menacing statements against Ospel and UBS. I thought it was kind of reckless for a politician to behave that way. A case of Schadenfreude.
I have no sympathy for UBS or its management. However, it seems Mr. Levrat has taken lessons in crass political posturing from the masters of the genre in the US and UK. Let us hope Swiss voters punish him and his party in the next election.
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Old 18.08.2009, 20:50
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Re: Former UBS chiefs targeted in Swiss criminal complaint

It will be interesting to see what happens to Raoul Weil in all of this.....
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Old 19.08.2009, 11:52
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Re: Former UBS chiefs targeted in Swiss criminal complaint

That's a good question: doesn't he still face indictment in Florida? I know he's left UBS but can't help but wonder who's paying his legal and PR bills .

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It will be interesting to see what happens to Raoul Weil in all of this.....
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Old 19.08.2009, 23:36
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Re: Former UBS chiefs targeted in Swiss criminal complaint

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That's a good question: doesn't he still face indictment in Florida? I know he's left UBS but can't help but wonder who's paying his legal and PR bills .
Actually if you read the PR release very carefully it does not say he has left UBS, it says he has relinquished his duties => he is still on the payroll
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Old 20.08.2009, 15:05
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Re: Former UBS chiefs targeted in Swiss criminal complaint

Good question if a political party is required for an investigation.

It reminds me of a Bernese social democrat who bought a copy of GTA 4 and then sued MediaMarkt because they sold it to him. Predictably he lost the case and his conclusion was that this is proof that Switzerland needs stronger anti media violence laws. More like an abuse of the court system to me...
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Old 20.08.2009, 15:16
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Re: Former UBS chiefs targeted in Swiss criminal complaint

In the case of Ospel, he's on the (s)hit list of many Swiss, particularly after the SwissAir grounding. I heard he doesn't even dare to show up in Zurich anymore. Someone told me his favorite restaurant has even banned him. So he may be low-hanging fruit for some politicians.
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Old 18.04.2010, 11:07
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Re: Former UBS chiefs targeted in Swiss criminal complaint

Reviving this thread after UBS shareholders voted down an exoneration for Ospel, Wuffli and other executives for 2007 last week:

http://www.swissinfo.ch/eng/business...ml?cid=8672112

Granted, it doesn't really mean anything because UBS has already decided not to pursue civil action, but I can't remember a discharge ever being denied by a majority of shareholders. Fascinating to see bigger, more influential shareholders intersect with the angry Swiss to make this happen!
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