And You Thought Bear Stearns Was Looking Cheap

Ah, those storied names. Dillon Read. SG Warburg. PaineWebber. Pactual. The

reputations, the brands, the cashflow. Priceless. Literally.

According to Credit Suisse (which admittedly might not be the most impartial

arbiter in such matters), the value that the market is putting on all of UBS’s

investment-banking businesses combined is actually negative.

Not even a coupla bucks for that trading floor up in Stamford. I guess the First

Boston guys picked the right Swiss bank to sell to.

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