This Is Another Useless April Fools Post

[HCE SuiGeneris]

UBS doubles sub-prime writedowns
http://news.bbc.co.uk/2/hi/business/7323809.stm


Swiss financial giant UBS has reported that its writedowns as a result of the sub-prime crisis have more than doubled to about $37bn (£18.5bn).

It has announced $19bn of fresh asset writedowns on top of the $18.4bn it wrote off in 2007.

UBS also said that it was seeking to raise 15bn Swiss francs ($15bn; £7.5bn) in capital by issuing new shares.

The latest developments are damaging to the firm, which is the European bank worst hit by the credit crisis.

The announcements came as it said it expected to post a first-quarter net loss of $12.1bn.


Well, maybe not that useless. Certainly the financial corporate companies have played their investors as fools...

[HCE SuiGeneris]

1. kick