Gstaad
There’s fear and loathing around here, and it has nothing to do with lousy snow conditions. Fear that UBS, the biggest Swiss bank, is in trouble, loathing for those whose greed brought this about. ‘Reckless’ is now a synonym for ‘banker’ as the financial system teeters on the brink. UBS has denied it is in trouble, but then so did Bear Stearns just before it collapsed. In other words, there is a credibility problem, one that dwarfs Fayed and the Mills woman put together. Asset write-downs and credit losses will continue, according to the greatest financial expert of our times, Professor Taki, OBE, MBE, UBS, JPM, and job cuts and asset sales are a given, always according to the professor.
So what else is new? Bear Stearns is roughly 30 per cent owned by its staff, but it’s the top dogs who brought the place to its knees.
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