newbie Posted September 22, 2011 Share Posted September 22, 2011 Pure genius: http://www.bloomberg.com/news/2011-09-22/swiss-must-save-ubs-bonus-pool-or-die-trying-commentary-by-jonathan-weil.html Quote Link to comment Share on other sites More sharing options...
james.cole Posted September 22, 2011 Share Posted September 22, 2011 UBS must be saved by the Swiss taxpayer. Priceless! And the arguments as to why the Swiss taxpayer should gladly come up with the cash to rescue the UBS bonus pool is compelling argument. The USA set the standard with the great AIG / Goldman CDS bailout deal that ensured AIG and Goldman bonus pools came through with large bonus payouts to the failed capitalists employed at these institutions. The US model obviously is being used in the UBS case. The TBTF banks have political power and use this to compel taxpayers to underwrite the banker's failed business models. A sorry state of affairs, but the average person refuses to demand change and demand their political representatives operate in the people's interests, so they deserve to be ripped off by the banks and their bought and paid for political hacks! Quote Link to comment Share on other sites More sharing options...
okaycuckoo Posted September 22, 2011 Share Posted September 22, 2011 Sarcasm on Bloomberg? The banker idiots are losing their support. I think the Swiss were relatively severe with UBS and Credit Suisse in the first place - they liquified them like every other state did for their own banks, but liquidated their holdings at an early stage. Quote Link to comment Share on other sites More sharing options...
crash2006 Posted September 23, 2011 Share Posted September 23, 2011 Well currency war it is, wish we had the posts for few years ago, the Swiss had the chance to pay of their international banking debt, this would have reduced their Currency price, push their exports out more. ~They had their chance and messed it all up. Quote Link to comment Share on other sites More sharing options...
Guest tbatst2000 Posted September 23, 2011 Share Posted September 23, 2011 Sarcasm on Bloomberg? The banker idiots are losing their support. Yes, and any number of articles on there by Michael Lewis too. Quote Link to comment Share on other sites More sharing options...
The Eagle Posted September 23, 2011 Share Posted September 23, 2011 Pure genius: http://www.bloomberg.com/news/2011-09-22/swiss-must-save-ubs-bonus-pool-or-die-trying-commentary-by-jonathan-weil.html that article is complete nonsense. Public opinion in Switzerland about UBS is very negative, there is no way the Swiss would give UBS another penny. In fact the general view is that UBS should get rid of their investment banking arm completely and only do traditional banking. Quote Link to comment Share on other sites More sharing options...
Gone baby gone Posted September 23, 2011 Share Posted September 23, 2011 Love it! Love it! It has fulfiled the first qualification of good satire... fooled the simple-minded! No. 6: The fundamentals of capitalism are at stake.To paraphrase a line from AIG’s rescue plea, government backstops are the oxygen of the free-enterprise system. Without the promise of protection against life’s adversities, the fundamentals of capitalism are undermined, and we would all be on the road to serfdom. The failure of the UBS bonus pool at a time of major global and economic instability would exacerbate the challenge of reigniting consumer confidence. Because Swiss banking has changed greatly in character over the last decade -- from just a basic provision of tax-evasion services to a vehicle for massively leveraged speculative wagering -- the effects of disrupting the industry are wide-ranging and significant. Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted September 23, 2011 Share Posted September 23, 2011 (edited) Rather than purchasing unlimited quantities of foreign currencies to stop the franc from strengthening, a more efficient approach would be to tell the world that UBS is in grave danger of failing and that the Swiss people are eager to pay UBS bankers whatever bonus money is needed to turn the government’s budget surplus into a crippling deficit. With one bold gesture, the franc would plunge to new depths. Yields on Swiss government bonds would soar. And all of Switzerland would be richer for it. The number of comments under the article from people taking it seriously is a worrying indication. If even the minority of supposedly financially aware people reading Bloomberg are so stupid, what hope is the for society? Edited September 23, 2011 by thecrashingisles Quote Link to comment Share on other sites More sharing options...
newbie Posted September 23, 2011 Author Share Posted September 23, 2011 The number of comments under the article from people taking it seriously is a worrying indication. If even the minority of supposedly financially aware people reading Bloomberg are so stupid, what hope is the for society? They're probably the 20-something year olds who are managing your pension fund! Quote Link to comment Share on other sites More sharing options...
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