Friday, 1 February 2008

U & Us - parted from honesty (UBS)


Much of the focus of the UK stock market at the moment is the scale write-downs due out of RBS, Barclays, HSBC etc. The speculation alone on the major banks accounts for over 1% of movements in the market on any day in January. Volatility rules the day.

Yet the banks quell speculation by saying nothing is wrong, whilst doing little to prove nothing is wrong and as we all know actions speak louder than words. I am awaiting RBS's results at eh end of this month with much anticipation. A disaster there and this really will be a bad year.

However, spare a thought for shareholders in UBS. The worst affected bank in Europe in terms of exposure to sub-prime lending. A group of intelligent shareholders clubbed together to demand an independent audit of its overall sub-prime position in order to finally get to the bottom of how much mess the bank was in. The Management are strongly against this; does not leave room for much hope there does it? The share price is dropping still, down nearly 40% year on year.

To add to this, UBS has also tapped up a sovereign wealth fund- Singapore in this case, to urgently hand over some money to repair its balance sheet. However, the nice preferential rate of interest given to Singapore is denied to all other shareholders and there is a vote today for its 'alternative capital structure.' Again management are so desperate they will agree to anything in return for large dollops of money.

UBS is in a very bad place indeed this week, having announced huge write-offs too. Somehow I don't think they will be running their cheesy adverts again anytime soon.

12 comments:

Anonymous said...

"A group of intelligent shareholders clubbed together to demand an independent audit of its overall sub-prime position"

Actually proving that the company is in the sh*t may have a rather determinental impact on the share price. Intelligent? If you think the bank is in that bad a state its best to sell your shares before anyone finds out. Unless of course you are in fact shorting someone elses shareholding.

Of course if the audit shows that UBS is being economical with the truth about its financial position it will have a huge impact on the global banking system. If you can't trust UBS who can you trust?

Ed said...

Has Fight Club come to pass?

I think it's time to turn on the printing presses and hyperinflate our way out of trouble, Mugabe style. After all, the Harare stock exchange has shown excellent growth recently.

CityUnslicker said...

Real S - Of course you are right the managers are making the right call in terms of protecting the share price.

However it also suggests they know there are many more losses than they have let on; this is detrimental to the share price and their credibility.

I am glad I have nothing to do with UBS, it is rivalled only by Northern Rock and Citigroup at the moment in terms of sheer incompetence.

Increasingly I think one of the big brands may go bust at some point this year.

CityUnslicker said...

Ed - careful what you wish for

CityUnslicker said...
This comment has been removed by the author.
Anonymous said...

Rio Tinto up 15.5%. The stock market has decided that all will be well with UK PLC. We will simply sell everything to the communists. All are equal in the free market and a communist's cash is as good as the next man's.

UK PLC for sale to the highest bidder. Welcome to the new fuedalism and the serfdom it entails.

Sackerson said...

I fear Real Schadenfreude may be correct in his second comment.

CityUnslicker said...

maybe, but we can always look at the bright side...

the japanses tried to buy america in the late 1980's - remind me how this all works!

hatfield girl said...

Are we nearly there yet? (forgive me for sounding like a child in a car).

Monolines sinking, UBS, never mind US banks much bigger than Northern Rock but hardly worth a mention, ......

And the UK economy with Brown at the helm!

It's actually quite hard to spend money - so if we should start now would someone say.

Anonymous said...

aaaa片, 免費聊天, 咆哮小老鼠影片分享區, 金瓶梅影片, av女優王國, 78論壇, 女同聊天室, 熟女貼圖, 1069壞朋友論壇gay, 淫蕩少女總部, 日本情色派, 平水相逢, 黑澀會美眉無名, 網路小說免費看, 999東洋成人, 免費視訊聊天, 情色電影分享區, 9k躺伯虎聊天室, 傑克論壇, 日本女星杉本彩寫真, 自拍電影免費下載, a片論壇, 情色短片試看, 素人自拍寫真, 免費成人影音, 彩虹自拍, 小魔女貼影片, 自拍裸體寫真, 禿頭俱樂部, 環球av影音城, 學生色情聊天室, 視訊美女, 辣妹情色圖, 性感卡通美女圖片, 影音, 情色照片 做愛, hilive tv , 忘年之交聊天室, 制服美女, 性感辣妹, ut 女同聊天室, 淫蕩自拍, 處女貼圖貼片區, 聊天ukiss tw, 亞亞成人館, 777成人, 秋瓷炫裸體寫真, 淫蕩天使貼圖, 十八禁成人影音, 禁地論壇, 洪爺淫蕩自拍, 秘書自拍圖片,

做愛的漫畫圖片, 情色電影分享區, 做愛ㄉ影片, 丁字褲美女寫真, 色美眉, 自拍俱樂部首頁, 日本偷自拍圖片, 色情做愛影片, 情色貼圖區, 八國聯軍情色網, 免費線上a片, 淫蕩女孩自拍, 美國a片, 都都成人站, 色情自拍, 本土自拍照片, 熊貓貼圖區, 色情影片, 5278影片網, 脫星寫真圖片, 粉喵聊天室, 金瓶梅18, sex888影片分享區, 1007視訊, 雙贏論壇, 爆爆爽a片免費看, 天堂私服論壇, 情色電影下載, 成人短片, 麗的線上情色小遊戲, 情色動畫免費下載, 日本女優, 小說論壇, 777成人區, showlive影音聊天網, 聊天室尋夢園, 義大利女星寫真集, 韓國a片, 熟女人妻援交, 0204成人, 性感內衣模特兒, 影片, 情色卡通, 85cc免費影城85cc, 本土自拍照片, 成人漫畫區, 18禁, 情人節阿性,

Anonymous said...

情色電影, aio交友愛情館, 言情小說, 愛情小說, 色情A片, 情色論壇, 色情影片, 視訊聊天室, 免費視訊聊天, 免費視訊, 視訊美女, 視訊交友, ut聊天室, 視訊聊天, 免費視訊聊天室, a片下載, av片, A漫, av dvd, av成人網, 聊天室, 成人論壇, 本土自拍, 自拍, A片, 愛情公寓, 情色, 舊情人, 情色貼圖, 情色文學, 情色交友, 色情聊天室, 色情小說, 一葉情貼圖片區, 情色小說, 色情, 色情遊戲, 情色視訊, 情色電影, aio交友愛情館, 色情a片, 一夜情, 辣妹視訊, 視訊聊天室, 免費視訊聊天, 免費視訊, 視訊, 視訊美女, 美女視訊, 視訊交友, 視訊聊天, 免費視訊聊天室, 情人視訊網, 影音視訊聊天室, 視訊交友90739, 成人影片, 成人交友,

免費A片, 本土自拍, AV女優, 美女視訊, 情色交友, 免費AV, 色情網站, 辣妹視訊, 美女交友, 色情影片, 成人影片, 成人網站, A片,H漫, 18成人, 成人圖片, 成人漫畫, 情色網, 日本A片, 免費A片下載, 性愛, 成人交友, 嘟嘟成人網, 成人電影, 成人, 成人貼圖, 成人小說, 成人文章, 成人圖片區, 免費成人影片, 成人遊戲, 微風成人, 愛情公寓, 情色, 情色貼圖, 情色文學, 做愛, 色情聊天室, 色情小說, 一葉情貼圖片區, 情色小說, 色情, 寄情築園小遊戲, 色情遊戲, 情色視訊,

Anonymous said...

Delirio eccezionali [url=http://lacasadicavour.com/ ]acquistare cialis generico [/url]Meravigliosa, questo ГЁ molto preziose informazioni cialis compra Poohsticks!