UBS Expects Mega-Loss For Q3
The Wall Street Journal is reporting the UBS will write off the value of a number of instruments held in its fixed income division. Some of these are securities tied to mortgages. The Journal writes that UBS should have a…
The Wall Street Journal is reporting the UBS will write off the value of a number of instruments held in its fixed income division. Some of these are securities tied to mortgages.
The Journal writes that UBS should have a "third-quarter loss of swiss francs 600 million to swiss francs 700 million based on a writedown of swiss francs 3 billion to swiss francs 4 billion for fixed income assets."
It will be interesting to see if any US banks are forced to make similar announcements over the next several days
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
