This is "class warfare", that bonuses "may be at risk" after a $2.3 BILLION loss!
Meanwhile the employees that had NOTHING to do with this loss will lose their jobs to cut the losses made by those hoping for "bonuses"!!!!
Last year "senior bankers were DEPRIVED bonuses" after 2.74 Billion losses, are you kidding me....
UBS Bonuses at Risk After $2.3B Trading Loss
By Elisa Martinuzzi, Niklas Magnusson and Jesse Westbrook - Sep 18, 2011 6:01 PM ET .
Last year, senior bankers at UBS were deprived of 300 million francs of deferred bonuses after the company reported a 2.74 billion-franc loss for 2009. Photographer: Simon Dawson/Bloomberg
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Bonuses at UBS AG (UBSN)’s investment bank may be at risk after the company suffered a $2.3 billion loss from what it described as unauthorized trading.
Switzerland’s largest bank said Sept. 15 that it may be unprofitable in the third quarter as a result of the loss, which exceeds the 1.21 billion Swiss francs ($1.4 billion) in pretax profit from the investment bank in the first half. The bank first estimated the loss at $2 billion, before raising it yesterday.
“A problem of this magnitude means they may be very strongly challenged to have any bonus pool at all,” said Steven Hall, managing director of Steven Hall & Partners, an executive compensation consulting firm based in New York. “It’s pretty clear there are going to be a lot of people who are not going to get bonuses.”
http://www.bloomberg.com/news/2011-09-18/ubs-bonuses-at-risk-as-2-3-billion-trading-loss-erases-profit.html
DO SOMETHING!
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