Subordinate claws

UBS is taking pay claw-backs to the extreme. The Swiss bank is trying to reclaim fat bonuses from honchos who have left the fold. Chairman Peter Kurer and his minions reportedly are asking for the money directly, and also exploring legal ways to force its return. The issue has even been put on the agenda of a special shareholders’ meeting being held later in the month. These are valiant efforts to satisfy enraged investors and politicians, and possibly to humiliate those who caused UBS billions...