Never again


No major bank has entirely escaped the financial crisis unscathed, but none in Europe was harder hit than UBS. After reporting $50.6 billion in writedowns on credit assets, the firm finally sought - and received - a promise of $60 billion in aid from the Swiss National Bank (SNB) in October last year. The bail-out was justified on the grounds of national interest, the SNB said - in other words, UBS was simply too big to be allowed to fail.

Like many other regulators, the Swiss Financial Market

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