The former CEO of UBS denied on Thursday he was at fault for failing to spot an 'epic' interest rate scandal at the Swiss bank despite a former colleague admitting management negligence.
Reuters that Marcel Rohner said he was 'shocked' and 'ashamed' when he read about the rigging of Libor interest rates but he said during his period as CEO he was trying to save the bank from collapse and was unaware of the misconduct.
'I did the best I could', the Swiss national told a British parliamentary panel.
Rohner was CEO for 20 turbulent months between 2007 and 2009, when UBS repeatedly had to tap shareholders for cash as it amassed more than $50bn in mortgage write-downs. He has not gone back to full-time work since.
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