Switzerland's answer to Citigroup. Why don't they ask their good friend Phil Gramm? Heck, he still thinks it's everyone who doesn't understand, that the subprime business was fantastic. If UBS was dumb enough to fall for that huckster and pay him millions, they deserve what they get.
UBS is likely to need a fresh capital injection from the state after the Swiss bank's shares lost nearly 50 percent this month, a top Swiss bank regulator told SonntagsZeitung newspaper on Sunday.When are these banks going to pursue the people at the top who ran this junk through the company and cashed in?
Daniel Zuberbuehler, Director of the Swiss Federal Banking Commission, said a takeover of UBS was not likely despite the fall in shares and ruled out a merger with domestic peer Credit Suisse.
"When you look at the share development, it is really an open question whether the rescue package is sufficient," Zuberbuehler was quoted as saying in an interview with Swiss Sunday newspaper.
"If more happens, it (UBS) would need willy-nilly a further capital increase," he added.
Risky investments at UBS' investment banking division forced it to make nearly $49 billion of writedowns and prompted Berne to announce on Oct. 16 it would inject 6 billion Swiss francs ($4.88 billion) into the world's biggest wealth manager to prevent its collapse.
