FLASH: Mega-bank UBS does the mortgage meltdown pokey for another $10 billion in losses (yes, that's "billion"). And that's what it's all about.

You put your toxic loan portfolio in,
You put your billions in writedowns out,
You put your CIVs and CDOs in,
And you shake it all about,

You do the mortgage meltdown pokey
and you turn your balance sheet around
And that's what it's all about.

(Sure is gonna get interesting once the banks and their incompetent auditors realize it's not just the subprime debt that ain't getting paid back. Still early days for the mortgage meltdown pokey - lot of dancing still to come!)

Swiss banking giant UBS said Monday that it will write down the value of its subprime mortgage holdings by a further $10 billion, leading to a loss in the fourth quarter and potentially wiping out all its profits for the year.

The bank also announced plans for a capital injection of 13 billion Swiss francs ($11.5 billion) from the government of Singapore and an unnamed investor in the Middle East.

"Conditions in the U.S. mortgage and housing markets have continued to deteriorate, and we have updated our loss assumptions to the levels implied by the current distressed market for mortgage securities," said CEO Marcel Rohner.

The group took a write-down of around $3.4 billion in early October, but warned later in the month that it may have to take further charges if the U.S. housing market deteriorated further.