
Legal risk 61
federal law, in the event of a UBS insolvency then all of UBS’s US assets would be
applied.
䊏 First they will be used to satisfy creditors of its US banking offices as a group.
䊏 Then they will be made available for application pursuant to any Swiss insolvency
proceeding.
The last thing one needs in bankruptcy of a global company, or an international
banking crisis, is courts fighting one another. Regulators can get together and, if the
worst comes to the worst, they can agree much faster among themselves than judges
do. The regulators’ more rapid action, however, is necessary but not sufficient. Hence
the wisdom of playing devil’s advocate ...