My Connroy Finance Blog

Switzerland Selling UBS Stake After Tax Accord With US

http://www.bloomberg.com/apps/news?pid=20601087&sid=aQ9MeWnsvofc

A day after a landmark agreement was finalized between the US tax authorities and the UBS, the Swiss government has decided to sell its holding in the country’s biggest bank to institutional investors. The Swiss government had purchased UBS mandatory convertible notes last year to help UBS reduce its toxic assets in times of recession. The settlement of the US lawsuit appears to have strengthened the government’s confidence in the bank. The placement of stake with the financial institutions will provide UBS with the required flexibility to strengthen its operations. The Swiss government is expected to make significant profits on its sale of 332.2 million shares for 16SFr-16.50 SFr per share. UBS has also said it intends to make itself free of government support as soon as possible.

America Losing Hope

http://www.usatoday.com/news/washington/2009-07-20-obama-poll-economy_N.htm

According to recent polls, a huge number of Americans are losing hope in their President! They are skeptical whether he will be able to guide the country out of the financial mess that it is currently in. The recession has been on for many months now and millions have lost their jobs and homes. This can not be happening to the US – after all America is the land of opportunities! With patience wearing thin and the ending of recession nowhere in sight, the President and his team had better gear up to hasten reform. On the flip side, the people too could show more endurance - after all there is no ‘so much’ that any human can do.