Financial Giants and Yacht Sponsorship

[sneuman]

UBS is set to announce the biggest corporate loss in the country's history, running into billions of dollars, a newspaper reported Sunday. The German language newspaper Sonntag reported UBS would record an overall loss in 2008 of CHF20 billion ($18 billion) -- despite showing a profit of CHF296 million in the third quarter -- when it reports results on Feb. 10. Sonntag reported the bank racked up CHF8 billion in losses in the final quarter of 2008, bringing the total for the year to CHF20 billion UBS admitted in the fall, when it announced third-quarter results, that it had been hit hard by the global financial crisis and warned it could lose up to CHF5 billion in the final quarter.

UBS is a big sponsor of high-profile sailors and events, as are several other financial companies in the U.S. and Europe. Does anyone know how the current troubles are likely to affect sponsorships? In the current climate, don't you think it's going to be difficult for these guys to sponsor high-brow yachting events -- both because of their actual bottom lines and how it would be perceived from a p.r. standpoint?

[TaoJones]

Not directly related to your inquiry, sneuman, but other news concerning UBS last week probably has many Americans nervous and mightily pissed off. It used to be that Switzerland, which doesn't concern income tax evasion in other countries any of its business, never cooperated with the US IRS. Well, not any more:

"Pressured by I.R.S., UBS Is Closing Secret Accounts

"Under pressure from federal authorities, the Swiss bank UBS is closing the hidden offshore accounts of its well-heeled American clients, potentially allowing their secrets to spill into the open."

For the entire piece, go to:

http://www.nytimes.com/2009/01/09/bu...&sq=UBS&st=cse

Chances are, at least a few of these people own some nice sailing and motor vessels. Don't be surprised if some of that hardware soon comes to market.

To your point on financial institutions pulling in their horns when it comes to sponsoring events like yacht racing, it's already showing up in withdrawn sponsorship of high-profile PGA and USGA golf tournaments in the US, as well as other such tournaments around the world.

TaoJones

[David_Old_Jersey]

Originally Posted by TaoJones

It used to be that Switzerland, which doesn't concern income tax evasion in other countries any of its business, never cooperated with the US IRS.

One thing to remember when making your own arrangements "to not confuse folk with too much information" is not to utilise folk whose own financial "interests" are squeezable, by folk with large hands

I too have wondered on the large corporate sponsorship deals, I guess many are deals that were signed up long ago and in any event in the grand scheme of things not a great deal of money. "Buddy, can you lend me a Trillion?"

But funnily enough was thinking of creating a sailing event involving real money - gold Even if on a slightly smaller scale than UBS Could be one for 2010 depending on how DOJ Enterprises fairs in 2009.......

[TaoJones]

Mea Culpa

I had meant to write ". . . Switzerland, which doesn't consider income tax evasion in other countries any of its business . . ."

TaoJones

[sneuman]

It seems for whatever reason, sailing has attracted more than its share of financial institutions as sponsors.

[sneuman]

So, who are the sponsors?

UBS sponsoring Alinghi
Credit Agricole - Philippe Jeantot of Vendee fame

who else?

[Guzzi]

GM, along with its financial arm, GMAC, got its bailout, coincidentally the same day they announced their sponsorship of NA$CARs Daytona 500.

Your tax dollars at work.

[Therapy]

Originally Posted by Guzzi

GM, along with its financial arm, GMAC, got its bailout, coincidentally the same day they announced their sponsorship of NA$CARs Daytona 500.

Your tax dollars at work.

Ain't that some Schitttt