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Subprimes, overconfidence - created by O.Chevet
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Date : the 16/12/2007
Visited : 6990
SpotRank : 260918
Channel: Economics, Finance
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FT.com / In depth - UBS takes new $10bn subprime hit

added the 19/12/2007
FT.com / In depth - UBS takes new $10bn subprime hit

UBS on Monday became the second big investment bank in a fortnight to be bailed out by a sovereign wealth fund when it announced a SFr19.4bn ($17.2bn) recapitalisation plan after revealing another $10bn of losses on subprime mortgage securities. UBS was forced to turn to the Government of Singapore Investment Corporation (GIC) and an unnamed investor from the Middle East for funds to shore up its balance sheet after the fresh losses emerged.

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View original story on http://www.ft.com/cms/s/0/0ada914e-a6ed-11dc-a25a-0000779fd2ac.html
O.Chevet
O.Chevet : "Sovereign funds may use the crisis as an opportunity to put a foot into the heart of financial institutions"
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