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German Bank Flummoxed By Swiss Bank’s Selfish Ways

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Germany’s HSH Nordbank plans to sue UBS over losses on a $500 million CDO portfolio, accusing Marcel Ospel’s bank of violating fiduciary responsibilities by selling, instead of low risk assets, shitty, high risk ones. The Krauts, crying into their steins, complained that “that the world’s largest asset manager…appears to have condoned actions which benefitted only itself,” which is something that hardly ever happens at these places. On the bright side, UBS shareholders can finally be pleased with management for making a decision that benefitted UBS.
HSH Nordbank sues UBS over exposure to sub-prime danger [Times Online]