Honour Among Thieves

In the wake of the ongoing financial crisis there have been too few heroes and an awful lot of short sighted, greedy bastards in the news. I take great delight in doffing my cap to one Peter Wuffi, the former CEO of Swiss bank UBS AG, fired in the summer of 2007. Unlike so many of the executive class swine that have filled their personal coffers as those of their shareholders, employers and customers were emptied, Mr Wuffi refused the huge cash and bonuses due him under his contract.

Former UBS AG chief executive officer Peter Wuffli has renounced 12 million Swiss francs ($10.2-million U.S.) 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.

In this day and age it is almost impossible to conceive of a top executive placing ethics over personal gain. The rarity of this exemplary behaviour is unfortunate but it sets a sterling example for his peers. I wonder if his North American counterparts might be so inspired...

“I have voluntarily renounced a total of 12 million francs that was due me under my contract,” Mr. Wuffli said in the interview. “High payments cannot be justified for top people who leave an enterprise suffering difficult circumstances.”

UBS spokeswoman Sabine Jaenicke confirmed Mr. Wuffli's decision and said it was the first by any former top manager so far.

“It remains to be seen if other people will follow Wuffli's example,” she said.

Remains to be seen but I wouldn't hold my breath.