It is not just the banks that are in danger of going under. It is entire economies. They are the ones in need of emergency cash to stay afloat. For some time we have been saying that Europe’s financial ‘white knight’ may end up wearing Chinese armour or even a South American uniform?
Now it looks like all that is starting to come true. It started with a big splash in the Financial Times, saying Italian officials had turned to China for help in avoiding a financial crisis.
Counting the Cost also looks at the America’s Cup, once the domain of the millionaires and billionaires. Sailing’s Formula One event hits the waters of Plymouth, England, as it tries to cut costs and appeal to a younger generation.
Over the years the Cup has suffered from a bit of an image crisis, struggling with too much money and too many legal battles which have pushed both fans and investors away from the event. Can the America’s Cup change with the times?
Also, banks are back under scrutiny. UBS, the Swiss banking giant which bailed out with $50bn from Swiss taxpayers, hit the headlines again for all the wrong reasons.
The last time it was due to those dodgy mortgages. This time it is dodgy trades, or unauthorised transactions, says the bank. Whatever it is, the fiasco points to a lack of internal controls.
Now UBS has the task of restoring investor confidence, again.