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Banks of Switzerland – Part I (SBC and UBS)

20 May, 2009

Why, oh why, you ask, does this person keep talking about banks?

They are so boring; their histories are boring.

Why would I want to read them? you also ask.

Good questions.  Try as I might, I can not make the history of ancient banks a quick and exciting read.  It’s just that when I started out, oh those many years ago, to find out why AIG was passing off OUR hard-earned tax dollars to foreign banks I stumbled into a maze of mergers and acquisitions and stockholders that kept me hopping from bank to bank.

I had already become convinced that what is going on behind the teleprompter and the town-hall meetings and the leaked memos and the ideological flip-flops are all distractions from what is really going on.  Set the conspiracies aside for a moment.  We don’t need no f***in’ conspiracies.  The money is already part of a “global order.”  The banks in Europe are more under the control of their respective countries and here the country is under the control of the banks what with their lobbyists and their ability to slip in and out of Treasury and Congressional families.  They buy and sell leaders, policy, bills, and silence.

And so, with their fellow banks – all global – with their partners in crime (MSM and Advertising) they buy and sell us.  Not literally, of course, they don’t need to do that.  They buy our votes, our passionate loyalty to an image, an idea, a brand, a “key” issue of the day; and then they sell us a bill of goods.  While we have been distracted, they have quietly been acquiring control.

That is why I am still looking at and writing about banks.  I know you are not happy, because everyone here at home rolls their eyes when I start to speak of a new discovery.  Only when they see the tangled web, do they begin to understand.  I hope that you too will begin to understand.

It is important, really.  Otherwise, I’d much rather be painting.

DATE SBC UBS
1854 Formed by a consortium of 6 private banks and named the Bankverein  (bank group/union)
1862 1 bank opens in Winterthur
1863 1 bank opens in Toggenburger
1872 A joint stock Bank in Basle opens. One of the banks involved is Winterthur
The bank continues to expand through mergers The banks expand by acquiring  other branches
1896 The bank is acquired and it is renamed – in English it is the Swiss Bankverein
1912 Opens London Branch Winterthur and Toggenburger Banks merge.  New name is Swiss Banking Association
1917 English translation of name is changed to Swiss Bank Corportation (SBC)
1921 Renamed Union Bank of Switzerland   (UBS)

SBC and UBS in the Americas:

DATE SBC UBS
1939 The America-Canada Trust Fund AMCA is established
1939 An agency in New York is established
1940 Union American Corp.(UACo) for custodian purposes
1946 A representative office opened in New York (UACo closed)
1951 A Swiss Corp. for Canadian Investmentt in Montreal and an Office in New York’s Rockefeller Center opened

By 1962, UBS is the largest bank in Switzerland and SBC is the second.  Credit Suisse is the third.

UBS and SBC continue to acquire new holdings and to open foreign offices.

DATE SBC UBS
1955 Rep office in Paris
1956
Rep office in Buenos Aires  *
1959 Rep office in Sao Paulo *
1960 Rep office in Lima *
1963 Office in Mexico City; branch in NY *
1964 Office in Beirut
1965 Operations unit in SF *;  Rep office in Tokyo
1966 Rep office in Tokyo
1967 Advisory office Madrid London Branch; rep offic in Johannesburg
1968 Swiss Bank Corp. (overseas) in the Bahamas * and with a branch in Panama Offices in Mexico,* Rio de Janeiro * & São Paulo *
1969 Rep offices in Buenos Aires, * Hong Kong, Sydney and Melbourne
1970 SBC Australia Ltd, Sydney; Basle Securities Corp. in NY  ( a subsidiary); Swiss Bank Corp. Financial, Ltd. in Montreal * and a branch in Toronto *
The American UBS Corporation (Underwriters) in New York * and the Union Bank of Switzerland Ltd.(Underwriters) in Bermuda *

In 1968, UBS is again the largest bank in Switzerland.

Let’s briefly turn back to a German bank.

Finally, in 1971, DEUTSCHE BANK got a 50% holding of UBS and established UBS-DB Corporation.   (bold emphasis mine here as well as in the quotes below)

from the UBS history site

The American UBS Corporation is renamed into UBS-DB Corporation, after Deutsche Bank took a 50%-holding.  ( here)

from the Deutsche Bank history site

In addition, the UBS-DB Corporation was established in 1971 and engaged not only in the custody and issuing business, but also in leasing transactions and the referral of shareholdings. Its name was changed to Atlantic Capital Corporation. In 1985 it developed into Deutsche Bank Capital Corporation.  ( here)

Do you recognize that name, Deutsche Bank, from my post on 6 May?  (hereI had ended that post with a promise to return to it at a later time.

This is why I waited; I wanted to explain its relationship with UBS before continuing.  In 1979, Deutsche Bank  opened a New York City branch under its own name.  Until then, it had remained in the U.S. markets with shareholder companies.  In 1991, the bank established Deutsche Bank of North America Holding  and Deutsche Morgan Grenfell followed in 1995.  The bank then acquired New York Bankers Trust in 1999.  More information about Deutsche Bank’s involvement during the past 10 years can be found here.

And let me leave you with this last thought about Deutsche Bank, from 13 May, 2009 :

Deutsche Bank to acquire Dresdner Bank’s Global Agency Securities Lending Business

You do remember something about Dresdner Bank, don’t you?   I wrote about it on 16 May (here), but I wrote from my notes and did not go back to their site until tonight.

So, now we have UBS – Deutsche Bank – and Dresdner Bank all tangled up with each other and some of AIG’s bailout money, paid by US taxpayers as a reward for their utter reckless behaviour.   The world wide web of global banks has caught us all like so many flies whose blood they want to suck dry and as long as there are lots of poor people re-populating the world, they  will never have to worry about being sated.

Stay tuned, it gets more involved.

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One Comment leave one →
  1. 22 May, 2009 21:15

    I just want to make sure the credit card companies are exposed for helping to make the world’s economy much much worse than it otherwise would have been.

    http://www.Daily-Protest.com

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