SUBPRIME TSUNAMI REACHES SWITZERLAND

Switzerland, banking haven of secret accounts, has been hit in a big way by the US subprime crisis.
The largest Swiss bank, UBS (which also has more than 30,000 employees in its US subsidiaries & affiliates), has been forced to write down $ 37 billion in losses from American subprime mortgages. Like many overseas investors who got swamped by the subprime tsunami, UBS did not lend directly to American home buyers, but bought mortgage-backed securities which promised high yields.
Like any amateur investor, UBS (a financial institution dating back to the 18th century) considered the income from the interest more …read more