October 17, 2008 - Switzerland Sets Bailout for UBS
By NELSON D. SCHWARTZ, PARIS
Switzerland, a banking redoubt considered until recently to be literally and figuratively above the global financial tumult, succumbed Thursday and announced a bailout plan for its biggest bank, UBS.
UBS Largest Bank Bailout EVER, $60 billion from the Swiss National Bank
Hit harder than any other European financial institution by losses stemming from bad investments in subprime American mortgage debt, UBS will receive a lifeline worth as much as $60 billion from the Swiss National Bank.
...
At the same time, UBS managers were caught off-guard (2) by the speed with which liquidity in the market for mortgage-backed securities evaporated, making them impossible to sell at almost any price.
Under the terms of the agreement announced Thursday, $31 billion in American assets will be taken over by the Swiss National Bank, much of it in the form of debt linked to subprime and Alt-A mortgages, in addition to securities linked to commercial real estate and student loans. An additional $18 billion worth of non-American assets will also be transferred.
Notes
(1) Now, does this prove the prophet wrong, who predicted the script before it was published? (2) Answer: Not yet, since according to the Laws of End Times Reductionism, End Time Bailouts are worth ...
(2) Script, actors and jokes: all explained in the End Times Prophet preview
Collapse of Major Banks, Illuminat jokes: "swiss" UBS as milestone in shock and awe
Paper Money: UBS Swiss Bank as messenger for grounding time
http://illuminati-ov...uminati-to.html (Nov 07)
http://illuminati-jo...-messenger.html (10 December 07)
This post has been edited by Truth666: 17 October 2008 - 01:12 AM
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