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Old 07.10.2008, 09:32
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Re: How Safe is UBS

They recognise that there is a problem but for the moment won't take any new initiatives. They want us to believe there is a contingency plan to protect customer deposits if it comes to that but they're not going to tell us what that plan is or how they will afford it. They're trying to talk up confidence in the system, that's all. To say that the Government will do “whatever is necessary to ensure stability of the financial system” is just noise, similar to the noise we heard from Alastair Darling in the UK yesterday. It won't make any difference to confidence unless they say exactly how they will intervene and convince people that is the right way to act, on the right scale.

Last edited by Nev; 07.10.2008 at 09:42.
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