NONETHELESS, HE RESIGNED

UBS MOTU Oswald Gruebel "insisted he would not resign."   The Board of Directors had something else in mind:

BS CEO Gruebel resigns over rogue trading loss
By FRANK JORDANS - Associated Press | AP – 9 hrs ago

GENEVA (AP) — UBS chief executive Oswald Gruebel has resigned over a $2.3 billion loss caused by rogue trading at its investment division, which is to be restructured now to prevent similar incidents in future, the Swiss bank said Saturday.

"As CEO, I bear full responsibility for what occurs at UBS," he said in a memo to staff. "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."