CEO of UBS Is Real Government of Switzerland

In a talk show of Swissinfo, Marc Chesney, professor of financial mathematics at the University of Zurich, said that since the takeover of Credit Suisse, Union Bank of Switzerland has become a monster bank equaling 40 percent of the country’s entire GDP. The net impact of that is that “There is an eighth member in the Federal Council. He was not elected. He is more powerful than the others. He is the CEO of UBS.” The Federal Council is the seven-person governing body of Switzerland, and is the collective head of state.