The Oil Drum

(from Switz.) The UBS shareholding meeting took place. 52 small shareholders slotted for speaking time. It was a huge jamboree, with special trains scheduled well before dawn from the big cities. People came armed with chocolate (a national symbol) and croissants, as the UBS is famed for its stingy sandwiches.

Shouting matches shrilled or boomed, invective flew. Finally, though, there was no way out and the UBS will be recapitalized by Singapore sovereign funds, an ‘arab state investor’ (no details from me, as the published facts are unclear and not important anyway.) In this way, it can avoid the ultimate bank review.

Ospel (google, his first name is Marcel) will remain the director for a year at least - experience and contacts over the new broom that sweeps clean!

I bank there. Heh. Saying more would be indelicate.

I post local stories because I appreciate them so much from others.