Yup, we're in la-la land
Their stock is still down 51% and the chart is ugly, but it always amazes me when a company pretty much announces they're the antichrist and the stock pops (for a few hours) on the news.
Meanwhile, $40 billion in 9 months. $40 billion. Man, that's a lot of coin. You'd have to be REALLY REALLY stupid to lose that kind of money.
And just wait until they get around to marking down their Alt-A, HELOC and Option Arm crap. Good luck issuing more shares after that debacle. And, uh, you might want to get your money out of UBS - QUICK!
What, did these banks all think that Casey Serin was good for it?
ZURICH, Switzerland (AP) — UBS AG's chairman abruptly resigned Tuesday as the Swiss bank reported a first-quarter loss of $12.1 billion and said it would seek $15.1 billion in new capital.
UBS revealed more serious damage from exposure to the U.S. subprime crisis and said it expects write-downs of approximately $19 billion.
It was the latest indication of how far the severe plunge in U.S. housing prices and a credit crisis triggered by rising mortgage defaults has reached.
UBS write-downs have reached a staggering $40 billion in the past nine months, the largest reported by any bank to date.