Breaking News: UBS Announces $12 Billion Loss, $19 Billion Writedown & Chairman Ospel To Step Down
Posted by timothysykes on Tue 1st of Apr, 2008 12:47:46 AM
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Just like the title says. Switzerland’s largest bank lost $12 billion in one quarter and is writing down just over one third of their entire $55 billion marketcap. Long-term investors, read it and weep. The loss was actually anticipated by ANALysts, so it’ll be interesting to see how much damage there will be to the stock.
I said it once and I’ll say it again, all these banks and brokers are nothing more than scummy peddlers. the sooner you stop believing a word they say and begin expecting the worst, the better off you’ll be. Rest assured, this is not the last mammoth scummy p eddler writedown…not by a long shot!
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That bizweek cover was actually for the avian flu, but thats old news, now its just corrupt bankers, much bigger implications
well the last time the market went down in jan of 2000 it hit bottom almost 3 yrs later in oct of 2002 after all said and done the dow had lost 34% -curent market would have to end up at 9400/9200 to have the same play-that was one sector tied to the banks greed-TECH!
now all other sectors feed off of housing and post gains after there is a surpus of money generated and consumers feel comfortable to spend$$$$$$$$$$$$
we seem to be a long way from that unless everyone writes down their losses and balance the books asap-whats the chance?
the banks are making money off of the spread-spread needs to be even larger-chopper ben needs to go to 0000000000000000%%%%%%%%%%%%
or we will waffle for awhile and most will lose all their wealth trying to wait out the banks-banks are taking it all back-every last dime they can-god help us-i am not smart enough to play this market-i will watch you tim
glad i wasn’t invested in that stock! ouch!
im impressed by how calm the markets took this news
Loving the green futures, i know i shouldnt care about the overall market, but in the last few days, i bought some VWELX…holding 11,700 on the Dow (former breakout level) was a major bull sign
Tim, what do you think about tma. I am in at 1.18. Where could tma run to today? Thanks Tim
I wonder who will be the next one?
i have no idea what TMA is gonna do, your job today is to read back the past 300 posts here so u can learn that 99% of stocks out there are random ass wall street guessing games. avoid. look for trades where you have an advantage
Tim do you drive a scooter I think i saw you driving one last week in the city ?
nope, i blog so much i hardly even go outside anymore
today wasn’t a day to be short. Ouch!