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You've probably heard by now about today's $65 billion Swiss National
Bank bailout of UBS.
Well, the Wall Street Journal is reporting that UBS's private banking
and asset management customers have withdrawn $74 billion to date.
UBS is running hard and they're still falling behind.
The Swiss National Bank is also raising their Tier 1 capital ratio
requirements to 12%. The Wall Street Journal said that this "could
amount to [asset] disposals worth hundreds of billions of Swiss
francs." And presumably more losses as the banks jettison assets.
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