UBS: One happy return

The rich are often encouraged to give something back. Peter Wuffli, the former UBS chief executive, has done so literally. He has surrendered a SFr12m bonus to which he was entitled. It’s a brave and decent move that, with any luck, will spur other bankers to consider doing the same. UBS, one of the hardest hit banks of the credit crunch, is trying to reclaim bonuses from former executives. The legal options to force their return look thin, but Wuffli didn’t wait to find out. Fat payouts for to...