With all its bleeding and huge losses, Wall St. should assume that the bad news is behind UBS (UBS).
To repairs its balance sheet, the Swiss firm is making a 16 billion-franc rights offering. But, buried in the prospectus is some bad news. According to Bloomberg, the filing says UBS may have "losses on non-U.S. residential and commercial real-estate securities which “could increase in the future.”
Several large US money center banks, particularly Citigroup (C) probably have related problems floating around on their balance sheets.
The banking crisis is not over, not by a long shot.
Douglas A. McIntyre
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