UBS In Bind; Needs Three Years

Posted on April 15, 2008
Filed Under Journalism, commentary |

Where have all the good loans gone? Long time passing…

Long time passing and longer time fixing, apparently.

UBS–the Swiss bank–says it will need three full years to “repair the reputation damage” it says it suffered –this after becoming the world’s “hardest hit” bank stemming from the subprime crisis.

The bank has already written down some $37 billion in assets.

“We shouldn’t fool ourselves,” says Peter Kurer in an interview with the Financial Times.

I don’t know….Can’t think of anyone going out of their way to “fool themselves.”

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