UBS mortgage losses in USA reach 19 billion dollars

The announcement from the Swiss Bank in its first quarter results was as follows: Positions related to US mortgage market * In line with 1 April pre-announcement, fixed income, currencies and commodities (FICC) businesses impacted by losses of around USD 19 billion on US real estate and certain structured credit positions ­ risk positions decreased through disposals and writedowns The Swiss Central Bank sees its primary purpose as maintaining confidence in the country's currency. Does the Bank of England? I have lost count of the times I have heard UK media reports on the credit crunch, that began last August, stating that the problem is that there is lack of transparency in the market or that the banks are reluctant to reveal the extent of their exposures. The Authorities job is to prevent such obfuscation and thereby restore confidence, why does this only appear to be happening with Swiss Banks? I partly blame the influence of the EU in this disastrous climate of deceit. Transparency is difficult for the ECB as it lacks the sovereignty to become a lender of last resort. Today we will be getting an update on the disaster at the Airbus parent, the malign influence of the EU was again at work last evening with the Scottish Labour Party's leader backing an early referendum on independence, read here. The potential break-up of Belgium and now the destruction of the UK are only made possible by the belief in the Euro currency and sustainability of the EU. We must hope the growing crisis for the West's economic model will now bring an early end to the EU as it is presently so corruptly constructed! A British referendum on the Lisbon Treaty, as promised by Gordon Brown's governing party, could be a first step to restoring an iota of his credibility and concurrently act as a prompt for complete and proper EU reform.