Wellershoff of UBS criticises US authorities

The chief economist of Switzerland's largest bank, UBS, says that United States authorities should not have allowed the Lehman Brothers banking group to collapse.

This content was published on September 27, 2008 - 12:27

Klaus Wellershoff commented in Saturday's Bund newspaper of Bern that he believed the decision not to give financial aid to the ailing group was a "clear mistake".

He also said that the planned $700 billion dollar (SFr763.4 billion) rescue package in the US was necessary to bring back confidence to the financial system.

"It is very important that the US government, whatever it does now, strengthens the financial system... Whether this programme will be enough is anyone's guess."

"We have seen the fall this week of the largest American savings bank, Washington Mutual. That shows there are still too many uncertainties around."

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