Of all the places in the world, this was supposed to be the safest to stash your wealth during times of calamity, war and financial panic. But here in the heart of Zurich's financial district, anxious Swiss investors have been lining up to watch the stock tickers in front of the headquarters of UBS, a financial behemoth that has written off a stunning $43 billion in loser investments since 2007, more than any other bank in Europe. "The idea that this could happen in Switzerland is unbelievable," said Klaus Stoeckli, 55, a food-products salesman who has withdrawn about $90,000 in investments from UBS, worried that its storied vaults might not be able to protect his money from the global credit crisis. UBS executives say the bank is not in danger of failure. It has cut 7,000 jobs worldwide and is still trying to unload billions of dollars' worth of risky securities. But the bank has moved aggressively since December to reinforce its balance sheet with $25 billion in fresh private capital. It announced this month that it expects to report a small profit for the third quarter.
But here in the heart of Zurich's financial district, anxious Swiss investors have been lining up to watch the stock tickers in front of the headquarters of UBS, a financial behemoth that has written off a stunning $43 billion in loser investments since 2007, more than any other bank in Europe.
"The idea that this could happen in Switzerland is unbelievable," said Klaus Stoeckli, 55, a food-products salesman who has withdrawn about $90,000 in investments from UBS, worried that its storied vaults might not be able to protect his money from the global credit crisis.
UBS executives say the bank is not in danger of failure. It has cut 7,000 jobs worldwide and is still trying to unload billions of dollars' worth of risky securities. But the bank has moved aggressively since December to reinforce its balance sheet with $25 billion in fresh private capital. It announced this month that it expects to report a small profit for the third quarter.
UBS had or still has Phil Gramm as a VP, si my guess is that they're going down. From an April 2008 story in WaPo, Economic Slump Underlines Concerns About McCain Advisers.
One of them helped deregulate the financial services industries in the 1990s, and now sits in the corporate suites of Swiss banking giant UBS, which yesterday announced $19 billion in investment losses tied to the crumbling U.S. real estate market... Former senator Phil Gramm, with his aw-shucks Texas drawl, ... helped deregulate the financial services industries in the 1990s, and now sits in the corporate suites of Swiss banking giant UBS, which yesterday announced $19 billion in investment losses tied to the crumbling U.S. real estate market... Gramm, UBS's vice chairman, said yesterday he was "totally unaware" of his bank's massive holdings of securities tied to subprime mortgages, but, he added, "I'm confident we'll recover."
Former senator Phil Gramm, with his aw-shucks Texas drawl, ... helped deregulate the financial services industries in the 1990s, and now sits in the corporate suites of Swiss banking giant UBS, which yesterday announced $19 billion in investment losses tied to the crumbling U.S. real estate market...
Gramm, UBS's vice chairman, said yesterday he was "totally unaware" of his bank's massive holdings of securities tied to subprime mortgages, but, he added, "I'm confident we'll recover."
Gramm: Fail.
Question: How long has Switzerland been doing ... Switzerland? More than a few years, right? In the end, might makes right. Nothing has changed since the caveman.
Gramm is on the payroll to supply influence among panelists and arbitrage opportunities. LIBOR is a closed interbanck metric. The 16 banks negotiate among their managers, then publicly report.
Just look, LOOK, at which banks negotiated unlimited, risk-free funds from US Treasury to continue business. Diversity is the key to economic and political evolution.
'Current market conditions.'
Right.
As for honoring commercial LOCs? Originating new loans? pshhaw. Diversity is the key to economic and political evolution.
