Why would you leave your money in UBS?
I’m not a close observer of the company, but I have to wonder how they would now describe their business model to a new and eager customer. Bernard Bauhofer had a funny way of putting it:
The big question is whether high net worth individuals are
willing to stay with an institution incapable of surviving on its
own…
Meanwhile, over at the state-owned bank:
Clients seeking to open an account last week at ZKB’s
central branch on Bahnhofstrasse in Zurich, a block from UBS’s
headquarters, had to wait as long as an hour. "We don’t know what to do with all the money right now,”
ZKB spokesman Urs Ackermann said.
Interesting, given that Credit Suisse’s HQ is even closer to UBS’ HQ on Paradeplatz. And CS apparently has been weathering the storm better than UBS. Probably they didn’t find a spokesman from CS.
Theinteresting thing for me, which I’ve not really seen touched on, is whether any tax havens are going to go belly up…
Given that virtually all of the property in the City of London is technically held by companies held in the channel Islands…
(Even more technically, for stamp duty reasons, by Unit Trusts.)
And the more cheap kamas of all kinds of game gold is very good.
It is enlightening!
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