Thursday, September 15, 2011

Useless Bank of Switzerland and the Fed

Man from the Fed © fintag

News comments:
UBS. What a useless bank.

It was smacked during the subprime debacle and wrote off most of its balance sheet. Senior management was brought in to sort out the mess . I mean who is this guy from the Fed?

Darryll Hendricks
Head of Strategy
UBS Investment Bank

Since September 2011, Darryll Hendricks is Head of Strategy for UBS Investment Bank. Previously he was Managing Director and Global Head of Risk Methodology for UBS Investment Bank, where he was primarily responsible for leading the strategic remediation and enhancement of market and credit risk methodologies as well as the independent review of valuation models. Since fall 2009, he also has served as the chair of the US industry task force on tri-party repo infrastructure. Before joining UBS, Darryll worked at the Federal Reserve Bank of New York for 13 years where he focused on capital regulation and on the risk assessment of clearing and settlement infrastructure. Darryll has a PhD from Harvard Universit


Today's shorts:
UBS risk management report round robin fiasco (telegraph)

Today's longs:
None today

A mate has just come from 2 weeks in Greece. He had to use cash for everything (hire car, hotel, food). Visa and Mastercard are no longer accepted. I wonder why ....