UBS may absolve those involved of their corporate responsibility

butsaiditwon'ttakelegalactionagainstaniformerexecutives."Whathappenshouldnothavebeenallowtohappen.Withourdecistorefrainfromlegalproceedings,publishareportidentifisomeofthefailthatresultinmassivlossforthebankdurethefinancicrisis.wedonotwanttoglossoverthemistakmadebyUBSorabsolvthoseinvolvoftheircorporresponsibility,"saidChairmanKasparVilliger.However,thebanksaidthechancofaniproceedagainstformerdirectorbesuccessar"morethanuncertain"andthatcasecoulddragonforyears,creatnegpublicity.Thefirmsaiditinvestbank'growthstrategimadeasignificcontributtothelosses,withnotenoughattentplaceonriskmanagement.

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