It’s Monday morning, and a laugh is in order, and a Swiss bank going bust is good for a laugh.
Not just any old Swiss bank but the biggest Swiss bank of the lot, UBS, is writing off $37.7 billion of losses.
Even funnier is UBS' reaction to the news which is to say it’s going to raise another $15 billion in capital.
Can you imagine the sales pitch?
Please give us $15 billion
Why?
We’ll invest it for you and make it grow
How much did your investments grow last quarter?
They went down by $37.7 billion.
Oh . . . well . . . .thanks . . . .but I think I’ll pass on this one.
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