Posted on 11/24/2008 9:04:16 PM PST by TigerLikesRooster
UBS loses favour with angry Swiss
It has been a hard year for the biggest Swiss bank, UBS. After losing millions in the US sub-prime mortgage market, it has had to beg the Swiss government for help. As Imogen Foulkes reports, its reputation in Switzerland may never recover.
In Zurich, UBS head office sits astride Paradeplatz - Parade Square to you and me.
But in recent months, the Swiss have renamed it Piratenplatz - or Pirate Square - to signify what they believe is the daylight robbery that has taken place over the last 12 months. Not of their biggest bank, but by it.
When the news began to trickle out that UBS was in big trouble because of its exposure to sub-prime mortgages, there was first surprise, then concern, and then finally, as the multi-billion pound extent of the losses became clear, fury.
(Excerpt) Read more at news.bbc.co.uk ...
Ping!
some holes in the swiss cheese bank.
It’s really not UBS. UBS collapsed after the LTCM crisis and Asian crisis. Swiss Bank bought them out and changed their name to UBS.
Different day...different bank.
The Swiss prefer FireWire?
Or did they switch from UBS to WireFire?
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