UBS attemps to right itself after the American credit crisis

On April 1st, Swiss bank UBS announced a new round of capital financing. Suffering from an abysmal devaluation of more that 23 billion euros, the bank has been hit harder by the American credit crisis than any other international establishment. "Marcel Ospel [the president] has quit UBS. This was the only good news during the entire dark day yesterday," writes Pierre Ruetschi. "The crisis isn't over. Evaluation of the damage to investors, even to savings clients, as well as the estimation of losses for the state and the cantons hasn't even begun. In this highly volatile context, [Finance minister] Hans-Rudolf Merz's comments are astonishing. On the radio, he thanked Marcel Ospel for his good work curbing the impropriety yet, at this newspaper, his optimism for the future is more irritating than reassuring."

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