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Old 11.10.2008, 11:56
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Re: How Safe is UBS

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Interesting to see the Credit Suisse share price this week. Rumour has it that they have a Lehman exposure amongst other things and their 3rd quarter won't be pretty reading.
Unfortunately for them, CS (or I should specify CSAM) were *very active* in placing Collateralized Debt Obligations (CDOs) all around. According to what they were saying at one-to-one meetings at the time, most of the CDO issues were place internally in managed portfolios. Apparently, acct execs were "clamoring" for the stuff and so if we (i.e. my ex bank) had any interest in the stuff we would have had to expect to receive only a fraction of our overall interest.
Where is that paper today? Still in the clients' portfolios ? Did they just buy it back from clients even maybe even only 6-8 weeks ago and are now carrying it (at a LOSS) on their books? CS might yet be that bank that cripples Switzerland...who knows... :-/

Paul

p.s.: 100th post... pat on my shoulder. I would rather have had something positive to comment, instead of this. Sign'o'the times

Last edited by Uncle GroOve; 11.10.2008 at 11:57. Reason: edit
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