Swiss banks get emergency funds to fight crisis

[Doctor Cynic]

Source: Guardian

ZURICH, Oct 16 (Reuters) - Switzerland's two largest banks will receive emergency funding from the country's government and other investors to shore them up against the financial crisis, they said on Thursday.
The Swiss government will give UBS, the country's largest bank, a capital injection of 6 billion Swiss francs ($5.3 billion) in the form of mandatory convertible notes.
Switzerland's second-largest bank Credit Suisse Group AG said it had increased its Tier 1 capital by about 10 billion francs from several major investors, including a subsidiary of the Qatar Investment Authority, as it also announced a net loss of about 1.3 billion francs for the third quarter.
In a separate statement, the Swiss National Bank created a special purpose vehicle for THE orderly liquidation of illiquid assets, allowing UBS to transfer troubled assets of up to $60 billion.

Read more: http://www.guardian.co.uk/business/feedarticle/7880894

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You know things aren't good when even Swiss banks need a bailout.

[sutz12]

1. If there was one country in the world I would like us to invade...

I think it would be Switzerland. And I'm only using a little bit of :sarcasm: here.

Those secret accounts must be hiding trillions of dirty money.

:shrug:

[Nihil]

2. Good joke!

I agree about the secret accounts but the thought of your armed forces
(who have had their arses kicked by two nations of disorganised almost
anarchistic resistance) trying to tackle a country with the highest
per-capita trained weapons skills in the world (+ mandatory service
weapons in each house) ...

I think even the nuttiest member of command staff would turn around
to the politicians and say "NO WAY!".

[Ghost Dog]

5. What Nihil said.

The Swiss Confederation has, like, seen it all before, you know?

:smoke:

[mickyx65it]

3. Fall

http://www.flickr.com/photos/castielli/2898622519/

[KoKo]

4. UBS/Phil Gramm the guy who orchestrated the ending of firewall between Banks...

the infamous Phil and Wendy Gramm...and there's Phil Gramm and failing UBS. Why aren't he and Wendy in jail?


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McCain economic policy shaped by lobbyist
Swiss bank paid McCain co-chair to push agenda on U.S. mortgage crisis


By Jonathan Larsen, producer,
with Keith Olbermann
MSNBC
updated 8:52 p.m. ET, Tues., May. 27, 2008

Republican presidential candidate Sen. John McCain’s national campaign general co-chair was being paid by a Swiss bank to lobby Congress about the U.S. mortgage crisis at the same time he was advising McCain about his economic policy, federal records show.

“Countdown with Keith Olbermann” reported Tuesday night that lobbying disclosure forms, filed by the giant Swiss bank UBS, list McCain’s campaign co-chair, former Texas Sen. Phil Gramm, as a lobbyist dealing specifically with legislation regarding the mortgage crisis as recently as Dec. 31, 2007.

Gramm joined the bank in 2002 and had registered as a lobbyist by 2004. UBS filed paperwork deregistering Gramm on April 18 of this year. Gramm continues to serve as a UBS vice chairman.

http://www.msnbc.msn.com/id/24844889/