The US is going after UBS for taxes on secret accounts. The Swiss financial secretary says that if the US continues to pursue UBS it could lead to UBS' failure. This will in turn undermine the Swiss, and by extension the European, economy.
UBS is the world's largest investment bank, and my former employer FYI.
Davos parties on, with the world's leading economic and business chiefs drinking, skiing, and listening to each other pontificate. Word is there is much consternation over the demonization of large banks.
Russia's economy contracts by over 7% for 2009, the biggest contraction in 15 years. Not a stabilizing development especially as Russia continues to cozy up with Iran.
Posts
Chavez Launches Smears against His Opponent
34 minutes ago