Saturday, September 17, 2011

UBS like Swissair?

I was shocked when Swissair went out of business several years ago. I thought the company was something that would last as long as the human civilization. I also regarded the Swiss bank UBS in the same way, and that until some time in 2008 when it became clear that the right hand didn't know what the left hand was doing in dealing with American securitized mortgages. Today, it's a so-called “rogue trader” and a $2 million loss that's making the news. Give me a break, I wouldn't trust a bank like that more than I once trusted a fine, Swiss airline...

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