Friday, November 18, 2011

Occupy UBS: Time to feel sorry for this once truly useless investment bank

Useless Bank of Switzerland © fintag

News comments:
I am starting to feel rather sorry for the Useless Bank of Switzerland.

Over the past 5 years it has been rogue traded, madoff'd, toothpasted and subprimed. Following its recent move back to Wealth Management and its stated mission of abandoning prop trading (not that it ever knew how to do this properly) we learn the Tent People have occupied an old building owned by UBS near silicon roundabout.

As Europe abandons democracy for technocracy, we have the wonderful irony of banks who foreclose having their empty buildings taken over. We doubt these are genuinely homeless people but what a turn up. The people have had enough.

Perusing my Resume last week I have airbrushed any mention of having ever worked or stepped inside an Investment Bank. From Goldman Sachs to Goldman & Company (they are a firm of accountants). From Morgan Stanley to the Morgan Motor Company or was that Stanley Black and Decker?

Here is a map of the "Occupy" sites in the City of London ... (google)

Today's shorts:
UBS to cut even more workers (so why do we still see them hiring on efinancialcareers?) (cityam)

UBS still hiring (efinancialcareers)

Today's longs:
Occupy UBS (guardian)

Inside #BankofIdeas #occupyUBS on Twitpic

Goldman Sachs to be occupied by people who failed to reach interview 34.