Busted: Bankers and The Global Economy

February 2, 2008

Dishonest Swiss Bankers?

Filed under: banking, investment, money — Tags: , , , , , , , , — digitaleconomy @ 7:31 pm

Reuters Article 2/2/08
U.S. government prosecutors are investigating whether Swiss banking giant UBS misled investors by reporting inflated prices of mortgage-backed securities it held despite knowing those valuations had eroded.

I have no doubt that whatever investigations that may be or come to pass reveal plenty of banking tomfoolery in the hopes of keeping profits up and losses to a minimum. I don’t know why, but somehow I expected more professionalism from Swiss bankers. Never underestimate the greed of a banker or his cronies. It’s best to remember that greed crosses all national borders. ~E.M.

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