UBS writes off 10 billion SF

UBS has fessed up to a loss of 10 billion FF owing to the subprime mess. But the government of Singapore and an unnamed Arab have come to rescue with 11 billion SF to tide this bank over hard times. US investment houses will report year end earnings this week. 18Brumaire read that Bear Stearns is taking a write down of us1.2 billion, and that a friend of its CEO now owns 7 or 8 per cent of the firm, and his holding is larger that the CEO's [Is regime change in the wind?]. Lehman will write down even more...and that's only the beginning.
Sings of the impending recession are looming large on the horizon and the Wall Street wizards of finance are losing their grips on the world's purse strings...or if not completely but they will become the jumping beans for Asian and Arab and Petroleum interests.