It's tough to be Swiss these days. Today, UBS announced another $12b loss, $19b in write-downs, and the stepping down of its Chairman of the Board, Marcel Ospel.
So now, ladies and gentlemen, a brief (wholly inaccurate) history of UBS Musical Chairs.
Ospel when he joined UBS as Chairman.
Ospel when he looked at the UBS Fixed Income / Leveraged Loan books.
Ospel at a UBS Board meeting--note the diversity!
Ospel kills Wuffli as CEO to save his own skin.
Ospel feels good about himself, and tells the world UBS will need no more capital infusions.
Bork Ospel gets the boot, but not before taking home some decent coin donuts!
(ed. note: I know the chef is Swedish, not Swiss)