Swiss Sell Stake in UBS
Switzerland has sold its 8.5 percent stake in Swiss banking giant UBS, making a $1.1 billion profit for Swiss taxpayers.
As the U.S. did during the financial crisis last fall for banks in this country, Switzerland helped prop up UBS by buying mandatory convertible notes to help clear the bank's balance sheet of toxic assets.
Today, the government has sold its stake to institutional investors and got a payment from UBS itself.
Ironically, the sale was helped by the bank agreeing to turn over the names on 4,450 secret bank accounts to U.S. authorities, which The Post's David Hilzenrath and Tomoeh Murakami Tse reported today.
How?
Well, when UBS agreed to fork over the names, the U.S. agreed in turn to drop a big lawsuit against the bank. With that no longer hanging over the bank's head, investors felt more confident about UBS's future and bought up shares in the Swiss government's stake.
-- Frank Ahrens
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By
Frank Ahrens
|
August 20, 2009; 12:18 PM ET
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Posted by: Dermitt | August 20, 2009 1:25 PM | Report abuse
It would appear that 'Dermitt' approves and condones tax cheats. Sad state of affairs, there, 'Dermitt'.
Posted by: critter69 | August 20, 2009 7:57 PM | Report abuse
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You are better served with banks and no government than government with no banks. The scum is rising to new highs on a wave of tax dollars. The kids are supposed to cover the debts. Go out of business. I'm sure more of you will and none too soon. Drink Draino for all I care. Don't give it to our kids you political scumbags.