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And You Thought Bear Stearns Was Looking Cheap

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Nov 29 2007 12:00am EDT

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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