Swiss banks have not had a good time of it lately, which does rather dent their image of being sober-suited outfits able to protect your millions. UBS, the Zurich-based banking and wealth management group, has booked a total of $37 billion in losses connected to the credit crunch. Wow. Even other banking groups in the Alpine state, like Clariden Leu, Julius Baer and Credit Suisse, have suffered – though not remotely as badly as UBS, which possibly may break up or get taken over.
So I was a bit bemused to read that Credit Suisse has hired former US Transportation Secretary Norman Mineta as an adviser. Has no-one told Credit Suisse that this fellow used to be known unflatteringly as “Underperformin’ Norman” when he was in charge of sorting out airport security and other areas?
He might be underperforming in airport security, but perform well in buying political influence which results in government hand-outs.
One of Mineta’s best known policies was non-discrimination in rights violations at the airports. It meant that little ol’ ladies might get searched (and have their knitting needles confiscated) while young islamic men with smoke coming from their shoes might very well not be searched.
Of course, the program has since been improved: they violate everyone’s rights now.