UBS posts fresh $10bn write-down

[formercia]

Source: BBC

Last Updated: Monday, 10 December 2007, 11:04 GMT



UBS has reported a further 11.2bn Swiss francs ($10bn; £4.9bn) in write-downs from its exposure to bad debt in the sub-prime US mortgage sector.

The Swiss investment bank had already said in October that the crisis had cost it about $3.5bn.

The firm said these losses meant it might now make an overall loss in 2007.

UBS also revealed that it had received a $9.7bn injection of funds from the Government of Singapore Investment Corporation.
--snip--
"It's further evidence of the transfer of financial power from the western economies to the great cash generating economies of Asia, Russia and the Middle East - which are able to dictate the terms on which they prop up our important institutions," he added.

--snip--

Read more: http://news.bbc.co.uk/2/hi/business/7135872.stm

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The last paragraph is the key to the future.

[madrchsod]

1. so much for the wisdom of a swiss banking house

it`s payback boys and girls, i hope you never find a job in banking again

[formercia]

2. They thought they would make a killing

just like they did in WWII, hiding all the loot from occupied Europe.

What goes around....

[Skink]

3. write down would be an awesome screen name.

[underpants]

4. Odd that I read a headline that mention the "Injection of funds"

Nixe headline huh?