Phil Gramm's pricey advice to UBS sounds about as bad as his advice to Congress. Why does anyone listen to what he has to say? It's scary to think that he was McCain's economic brain. What's going to be left of this once strong bank when the write downs are finally over?
The bank, one of Europe's hardest-hit in the crisis, has already written down more than $49 billion since mid-2007 and cut over 7,000 jobs, mostly in investment banking.And of course, this means thousands more jobs are likely to be cut.
Sonntag, which cited people familiar with the issue, had said UBS would write down at least another $2 billion on illiquid assets, including asset categories so far out of the spotlight such as collateralized loan obligations (CLOs).
