UBS may as well stand for yoU've Been Subpeonaed

A UBS (Union Bank of Switzerland before 1998) office.

UBS has been badly burnt in the U.S. subprime mortgage and housing crisis that began in 2007. UBS has up to July 2008 written off more than USD $37-billion* worth of assets and bad loans. UBS share prices have fallen from a high of USD $63 in 2007 to under USD $20 by 2008-07-12, or a fall of more than 68%, in a little less than a year.

For a bank that prides itself in managing risk and money for wealthy clients, UBS's losses have dealt a devastating blow to its own and Switzerland's reputation.

Adding insult to injury, a U.S. court has subpeonaed UBS to provide details of accounts held by U.S. citizens whom the U.S. Internal Revenue Service believes have their taxable assets knowingly concealed by UBS for tax evasion purposes.

* USD $ 37-billion =
CAD $ 36.7-billion
GBP £ 18.6-billion
Eur 23.2-billion
CHF 37.6-billion (Swiss Franc)
BRL 59.3-billion (Brasilian Real)
HKD $288.6-billion