UBS CEO Sergio Ermotti Basically Admits Equities Are A Ponzi Scheme20.4

Speaking at a CNBC panel at the World Economic Forum in Davos, Sergio Ermotti, the chief executive officer of Swiss bank UBS said the massive December sell-off was the result of political fears as well as the reality setting in that the Fed is tightening up the money spigots. December losses on the S&P 500,

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