Marcel Rohner, group chief executive of UBS, has told shareholders that a further $10bn (â¬6.8bn) writedown related to sub-prime mortgage investments was not caused by complex models, but was a result of the Swiss bank losing its "fundamental focus" on client business. The management team said the bank's problems were due to "a small number" of people in the proprietary trading team within the investment bank. Marcel Ospel, chairman of the UBS board of directors, said: "The mortgage-backed securities were created in the interests of clients but they were maintained due the interests of proprietary trading business. Risk control and finance had the numbers but failed to recognise what they meant." http://www.financialnews-us.com/?page=uspeoplemoves&contentid=2449384347 LOL !! Ha, ha, ha..Absurdly ridiculous explanation... :eek: