Oh dear. “The Swiss banking giant UBS has stepped up its lobbying to pass a treaty with the United States that would resolve a dispute over tax-evading clients, amid signs that the deal is running into trouble in [the Swiss] Parliament,” NYT. Reminder: if the US goes after UBS, UBS could go the way of Arthur Anderssen, the auditing firm that died because of its misdeeds. Then we might never recover our investment.
Looks like UBS is becoming GIC’s Shin — the losses, fallout and bad publicity of this investment (like Shin for Temasek) go on and on.
The latest on Shin is that Thai Prime Minister Abhisit Vejjajiva has appeared on national television to reject a demand from demonstrators that he resign by midday and call elections. In response the demonstrators are stepping up the tempo. So far, there is no violence.