Thursday, February 19, 2009

Loss of Value(s)

I have to admit that when I wrote that the world is falling apart (immediately to your left), I didn't actually mean it; it was more of what we would call a marketing scheme (if we were in fact selling something). But with every passing day it seems to me that the initial assertion was spot on. The last straw came today when we learnt that the Swiss banking legend UBS has agreed to reveal to the US Government the names of the clients who have used the Bank's uhm... creativity in order to evade US taxes. And I am left wondering: if one cannot count on a Swiss bank to protect the privacy of one's various financial activities (tax evasion, money laundering, drug trafficing, Jewish gold teeth extraction, etc.), is there anything left intact in this world? What's next? A 150-year old private Swiss bank fronting for a Ponzi Scheme? (well it appears that this has been going on for a while, so it's clearly not next)...

UBS has lost 66% of its value in the past 12 months, but I think this pales in comparison to losing its core banking values.

1 comment:

Βάσκες said...

LOL

"Core Banking Values".

Are we talking about "my pound of flesh"?