As reported by the Telegraph,
Swiss national Dr Rohner said he was "shocked" and "ashamed" when he read about the rigging of Libor interest rates but said during his period as chief executive he was trying to save the bank from collapse and was unaware of the misconduct.
He and his colleagues denied knowledge of early alarm bells over Libor fixing at the bank, including a Wall Street Journal story in April 2008 and a Bloomberg report months earlier.
The 48-year-old, who was group CEO for 20 tumultuous months between 2007 and 2009 when the bank suffered more than $50bn in mortgage write-downs, insisted ....
"I did not think it [the Libor rate] was having a big impact on the market at the time"What happened after the MPs displayed their displeasure with this response was the critically important part of the session.
Sheepish silence from the former executives followed Mr Tyrie's closing remarks: "We've heard of appalling mistakes that can only be described as gross negligence and incompetence.
"You were ignorant and out of your depth."...To which the former UBS bosses
admitted they presided over a raft of shortcomings at UBS...
[Dr Rohner] said the business had grown too complex to manage, saying "We embarked on things we were not fit for, it turned out," and admitted that some people hired by UBS in the past were "clearly mercenaries".
Jerker Johansson, who was chief of the investment arm for just over a year from 2008, conceded management had been negligent not to detect the misconduct and under persistent questioning said Libor rigging was tantamount to stealing.