Let’s all breathe a sigh of relief that multi-national banking firm UBS is signaling that the worst is over, for them:
“I definitely think that the worst is behind us,” UBS chief executive Marcel Rohner told Swiss newspaper Le Temps.
“There will certainly be plenty of things for banks to clear up over the next two years but as far as systemic risks are concerned, we’ve got over the hardest part,” he said.
So, where’s the “thank you” for the lack of regulation that made all this possible? There’s no indication of *how* the bank got the worst of it behind them, other than to say that they’ve “written down” 37 billion dollars in “bad investments.” Wonder what happened to that 37 billion dollars of homes? They don’t.
And neither does John McCain and his adviser, Phil Gramm, former lobbyist for UBS. In fact, it was Phil Gramm’s relentless deregulation of the banking industry during his time as Senator that partially set the disaster in motion, removing safeguards placed on banking after the Great Depression.
Way to go, Phil! We look forward to your ample guidance should John McCain win the presidency, and will remind people of it every single day till November.