UBS appoints ex Bear Stearns CFO to senior role

One can only wonder, and wonder and wonder again about the Personnel Policy (if you can call it that) at UBS. Just last week someone still working there said that the people around him change constantly, there is an annual turnover rate of 70 pct. Now the firm pins its hopes on Sam Molinaro, and he is based in far away New York. Given the fate of his last employer and how long he was away from the major league - can this be any help for the once proud ship UBS? Does the bank have nobody in its ranks who could to this job?