UBS AG Sees Q1 Net Loss of $12 Billion (Writedowns of 19 Billion!)

Yahoo Finance ^ | 04/01/2008 | AP

[Proud_USA_Republican]

ZURICH, Switzerland (AP) -- Swiss bank UBS AG said Tuesday it expected to post first quarter net losses of 12 billion Swiss francs (US$12.1 billion; euro7.65 billion) and would seek 15 billion Swiss francs (US$15.1 billion; euro9.55 billion) in new capital.

Switzerland's largest bank, which has been hard hit by the U.S. subprime mortgage crisis, also said it sees losses and writedowns of approximately US$19 billion (euro12 billion) on U.S. real estate and related credit positions.

Chairman Marcel Ospel will not seek re-election at the April 23 annual general assembly of shareholders and will be succeeded by Peter Kurer, who is currently general counsel, the bank said in a statement.

[Proud_USA_Republican]

Ouch. Thats going to leave a mark.

[bruinbirdman]

"Switzerland's largest bank, which has been hard hit by the U.S. subprime mortgage crisis,"

Switzerland's largest bank, which has been hard hit by the U.S. Swiss subprime mortgage crisis,. . .

UBS AG is in Switzerland. Is it our problem they are suckers for junk bonds? Why do you suppose they are called "JUNK"?

yitbos

[aquila48]

12 billion Swiss francs (US$12.1 billion)

Amazing!! The swiss frank is now worth more than the dollar!!

[OKIEDOC]

If this was a U.S. company the chairman would not be leaving but would be getting a 300 million dollar bonus for only losing 12.1 billion.

[OKIEDOC]

If this was a U.S. company the chairman would not be leaving but would be getting a 300 million dollar bonus for only losing 12.1 billion.

[OKIEDOC]

If this was a U.S. company the chairman would not be leaving but would be getting a 300 million dollar bonus for only losing 12.1 billion.

[politicket]

What's REALLY amazing is that UBS shares are currently up by about 10% and driving the rest of the European market green.

There are a lot of games being played...

[politicket]

You can see what happened to the Hang Seng Index in Asia today when the UBS news was announced - then it turned right around and went green again.

Don't these idiots have enough foresight to look a few months ahead?

[bruinbirdman]

"The swiss frank is now worth more than the dollar!! "

And UBS is going bust.

Anyone around here got SFr? Use greenbacks, buy American watches and stay away from Swiss bank accounts.

yitbos

[politicket]

The Dow futures just went green.

Hey everyone - the investment houses are hemorrhaging and needing immediate triage - let's go buy stocks!

[ikka]

This means that they are MAKING about $7B per quarter, so this time next year all the losses will be gone and forgotten.

[Proud_USA_Republican]

Talk about a bull trap in the making. These days, stocks rally when another financial announces more billions in writedowns, as if its signaling the light at the end of the tunnel. Talk about a pump and dump rally.
Like Lehman’s news that its going to float 3 billion in new stock and that is considered great news! What fricking parallel universe are we dealing with here?