No, the first round of losses they fess’ed up to was well before October of last year — it was in early 2008 and late 2007.
UBS also slashed their dividend for 2007 as a result of losses in 2007.
As I said, they’re way ahead of banks in the US on this. While our banks are busying trying to use taxpayer monies to prop up the dividends on their commons, UBS was slashing dividends on their common and firing executives responsible for the losses.
This is their third wave of losses they’re announcing...
Sorry... I don’t agree. Their problems are a lot worse than ours, and they are just now beginning to lay out the facts. I would not say that it’s just the Swiss. The European banks are in deeper doo-doo across the board. It’s no wonder they are trashing the US as the cause of all this. They foolishly bought a lot more of the problem US loans than our banks did. Their mistake, more than ours.