5. Oswald's Comedy Act
Who said Germans don't have a sense of humor? We've been listening to ex-UBS (UBS) CEO Oswald Gruebel for the past week and we think he is simply hilarious!
Shares of beleaguered Swiss bank UBS spiked 8% on Monday as the company named Sergio Ermotti as interim CEO after a $2.3 billion rogue trading loss forced the resignation of Oswald Gruebel over the weekend. Gruebel was so confident that he would stay on as the bank's leader that he chuckled last Wednesday when a Reuters reporter asked if he still had the board's support, replying, "Yes. Always."
Always? Oh boy, that's hysterical Oswald! You didn't even make it through the weekend! We should call you "Ossie the Owl" from now on because you sure are a hoot.And that was not even the funniest thing he said prior to his sacking. Barely a week ago, Gruebel told Swiss weekly Der Sonntag about the scandal, "I'm responsible for everything that happens at the bank, but if you ask me whether I feel guilty, then I would say no." Not guilty huh? Well, maybe good old Ossie was just pulling their proverbial leg back then, because he certainly sang a different tune in his final memo to his staff this weekend. "As CEO, I bear full responsibility for what occurs at UBS. From my first day on the job I placed the reputation of the bank above all else. That is why I want to and must act according to my convictions." Looking back, perhaps Gruebel's most side splitting remark came this past June when he said "we have no undue risk in our positions... I'm pretty convinced that we have one of the best risk managements in the industry." Man, what a laugher. Just too comical. But what really cracks us up about that particular statement is not that he announced a $2.3 billion rogue trading loss barely two months later. It's that he said it with a perfectly straight face.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV