07/31/2009 05:12 am ET Updated May 25, 2011

Ritholtz: Why Does UBS Still Employ Phil Gramm?

Last week, UBS announced a 2nd Quarter loss "due to restructuring charges." The banking giant is raising $3.45 billion in a stock sale.

Partly owned by the Swiss government (for years prior to the crisis, if memory serves), UBS was one of the biggest losers in the financial crisis. After a huge expansion into riskiest businesses at the peak of the market, they have had steep losses and enormous write-downs. Since then, they have laid off tens of thousands of workers. (Aside from UBS' tax problems).

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