Following expected losses of SFr12.5 billion $13.75 billion in the fourth quarter and SFr4.4 billion for 2007 the only bank so far, alongside Merrill Lynch, to plunge into the red for the full year, the UBS board in December invited the Government of Singapore Investment Corporation GIC and an undisclosed Middle Eastern investor to invest SFr13 billion for 10.4% of the group. Although this seemingly follows the Citi and Merrill model of being bailed out by rich individuals and sovereign wealth funds, the Swiss are kicking up a huge fuss....
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