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.