Friday, November 14, 2008

Switzerland could go the same way as Iceland

Switzerland is likely to come under further pressure from the United States over its prized system of banking secrecy after the election last week of Barack Obama, key sector players predicted. At the end of 2007, UBS (McCain's chum) was levered by more than 64 times.

A 16% fall in UBS’s assets would wipe out not only all of its equity but 100% of Swiss Gross Domestic Product on top. Switzerland is not in the EU.

IMO: As Pancho Vila might have said to the newsreel companies "don't let them know it ended like this".


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