{"id":7560,"date":"2008-04-21T00:00:00","date_gmt":"2008-04-21T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"ubs-admits-errors-to-shareholders","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/04\/2008\/ubs-admits-errors-to-shareholders.html","title":{"rendered":"UBS admits errors to shareholders"},"content":{"rendered":"<p class=\"first\">BBC News- Swiss bank UBS has admitted that a lack of risk control and ambitious plans to grow revenue led to its huge losses when the global credit crunch struck. <\/p>\n<p>The admissions come in a 50-page report to shareholders before its annual general meeting later this week. <\/p>\n<p>UBS has so far made write-downs of $37bn (&pound;18.5bn), dwarfing those made by any other leading bank. <\/p>\n<p>The losses cost chief executive Marcel Ospel his job and the firm faces growing calls to be broken up. <!-- E SF --><\/p>\n<p>UBS said the problems began in its hedge fund unit, Dillon Read Capital Management, and then spread to its fixed-income division. <\/p>\n<p><a href=\"http:\/\/www.hedgeco.net\/news\/news_land.php?i=http:\/\/news.bbc.co.uk\/1\/hi\/business\/7358057.stm\" target=\"_blank\">Read Complete Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BBC News- Swiss bank UBS has admitted that a lack of risk control and ambitious plans to grow revenue led to its huge losses when the global credit crunch struck. The admissions come in a 50-page report to shareholders before [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-7560","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=7560"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7560\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=7560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=7560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=7560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}