UBS makes a new confession: an additional 10 billion in “write- off” charges!

Posted by Jack Haddad on December 10, 2007 at 5:11 am

Folks, what a day to start a Monday morning by being greeted with such news… Be advised that the fresh 10 billion just announced is in addition to the 3.5 billion that the bank announced back in October.  Morevoer, the bank is now expecting all 2007 profits to be wiped, thus swinging to a first loss in 5 years.  Though the bank announced an 11.5 billion from two investors, Singapore and the middle east, the loss of earnings and revenues is going to weigh a great deal.  If I had to guess the name of the middle-east country who contributed, I would say “Quatar.”  Quatar has 60 billion in assets.

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