I don’t know if I would say the Swiss have been good about admitting their losses. They are just doing it now. All this started back in October of last year.
As long as new revelations keep coming, confidence will stay shot. Banks won’t lend because people who are about to lose their job won’t be looking for a mortgage or car loan.
No, the first round of losses they fess’ed up to was well before October of last year — it was in early 2008 and late 2007.
UBS also slashed their dividend for 2007 as a result of losses in 2007.
As I said, they’re way ahead of banks in the US on this. While our banks are busying trying to use taxpayer monies to prop up the dividends on their commons, UBS was slashing dividends on their common and firing executives responsible for the losses.
This is their third wave of losses they’re announcing...