UBS Says $10 Billion Writedown Won’t Affect Support of Art Fair
Published December 11th, 2007
At the Art Basel Miami Beach contemporary art fair last week, UBS AG spared little expense in laying out two enormous spreads behind the Delano hotel, where clients gorged themselves on mountains of lobster, steak, red velvet cupcakes and gallons of champagne.
UBS’s lavish feasts and underwriting of Art Basel and its Miami offshoot will continue in 2008 even with the bank’s $10 billion writedown of subprime mortgage investments, said Peter Dillon, UBS’s head of sponsorship for the Americas.
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