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Saturday, 01 November 2014

Underwriters share blame in Portuguese bank fiasco

Second-BES

Banco Espirito Santo’s shares have tanked 70 pct since a rights issue barely two months ago. UBS and Morgan Stanley, which led the 1 bln euro equity raise, hoisted red flags. The banks could have heeded their own findings and refused the job. Customers have a right to be angry.



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