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Saturday, October 18

Before "offshore accounts" there was always...

Remember all the stories, anecdotes, and jokes even about Swiss banks?
Ah! The mainstay of our civilization!
Well, they ain't doin' so good either.
The headline from the Independent reads,
"Is Switzerland the next Iceland?"
"In an extraordinary move for a nation proud of its financial prudence and stability, Switzerland was forced to take emergency measures yesterday to shore up its two biggest lenders to prevent a collapse in confidence in the country's banking system.

"The state will inject SFr6bn (£3.1bn) into UBS, its biggest bank, in return for a 9.3 per cent stake, and will allow UBS to unload $54bn (£31bn) of toxic assets, including sub-prime mortgages and Alt-A securities, into a fund controlled by the central bank."

Anybody else notice the lights flickering?

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