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Swiss bank on Singapore
This morning, the Swiss bank UBS announced $10 billion in write-downs. That's one of the biggest losses for a major bank so far. UBS also cancelled plans for a cash dividend to investors. Some good news for the bank: UBS will be getting some emergency funding from the Singapore government and an unnamed Middle East investor.
Posted on December 10, 2007 7:30 AM PT | Permalink
Comments (1)
This again indicates that the world is getting flatter due to the globalization of financial system. Trade-dollars and petro-dollars are flowing into cash-hungry banks to help those nations with huge treasure reserve to own world class corporations for better return and greater economy power. It is gonna be fun.
Posted by Jet Chen | December 12, 2007 7:31 AM PT
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