kevin i doubt its million, in europe billion is called a milliarde. i mean 30/40 million are peanuts for these big banks, it would not even make an article in a village newspaper if it was just 30-40 million.

With all the lending fraud, stock manipulation, CEO compensation etc. these "financial" institutions were involved with, I bet the 68 bil is probably a closer number than 5 bil. In other words, thanks for playing UBS.

fubar city writes:

Christ, I remember when losing a billion was seen as a devastating loss.

Yeah, Nick at Barings Plc in Singapore.
That was only the tip.

Subprime Losses Top $379 Billion on Balance-Sheet Marks: Table

Subprime Losses Top $379 Billion on Balance-Sheet Marks: Table - Bloomberg.com

Old news, will see if i can get better estimates.

Alec writes:

counting down the days until banks start reporting.

Don't be surprised to see unexpected results. For example UBS will get about 3B tax credit that will or should offset losses. Who knows what the other banks will come up with.

Kon:

I am extremely bearish on nearly all financials simply because the environment that allowed them to achieve gigantic profits in the earlier part of this decade I think was an exceptional situation that will never return in the foreseeable future.

Big institutional investors like local governments, pension funds and insurance companies have learned not to trust "AAA-rated" securitized private debt, the source of so much of the speculative excesses of 2003-2007.

Meanwhile starting the 1970's federal regulations of banks were lifted, and state regulations were avoided by locating in SD and DE.

All it takes is minor changes to federal regulations to bring back state banking regulations, not to mention new federal regulations.

I don't think a northern liberal president and huge democratic majorities in both houses of Congress are going to be good for the banks.

Really, where is this capital raise going to come from. Need to look around the monopoly board and see which players still have a pile of cash and which have mortgaged their properties and their cards are upside down.

Sadly global financial institutions are totally at the mercy of the Arabs and to some extent the Chinese. Maybe Yemen and Libya will own C & UBS before the next roll. Not a pretty picture.

UBS: U B Screwed

Alec, what political risk? all the CEE countries are within EU, i doubt austrian banks have been lending to balcan countries which are not in the EU and are possibly politicly unstable.

now i have no pink glasses but people in CEE have mostly 30-50% equity so even if it tanks the losses for banks wont be that bad, the ones to watch out should be the uk and irish banks who lent to speculators who bought thousands of appartments for executives where even the executives who cant afford to purchase these apartments

Off topic but nonetheless interesting :-

American Energy Policy, Asleep at the Spigot
Asleep At the Spigot - NY Times

Home to only 4 percent of the world’s population, the nation slurps up about a quarter of the planet’s oil — and Americans’ daily use is nearly twice the combined consumption of the Chinese and Indians, according to an annual energy survey published by BP, the British oil giant.

revro writes:

BB, you mean like that 300m americans consume twice the oil ammount consumed by 2,5bil indians and chinese?

Shocked? Seems to be the case currently.

In the US's defense, while we use much more energy than the Chinese, as of last year the Chinese are a bigger emitter of CO2 pollution.

We are in the process of cleaning up our act and have largely stopped building coal power, while slowly making current coal power cleaner. China is building new coal plants full speed ahead.

I hope at some point will we start limiting coal exports.

barely writes:
"Really, where is this capital raise going to come from."

Still think non-financial stocks aren't even on the right page yet, and maybe a buyer's strike in the bank bailout arena will lead to a buyer's vacuum in the market, and the 80B down day I keep seeing.

worried, so please be calm, scotland is different, the prices will continue to rise xD

Revro

I found it a bit unsettling that the interviewer said that no banks were lending at all in England and nobody challenged him on that - even if the agent said sales were happening in Scotland.

Elsewhere on the same HPC site there was an anecdote from an agent that there was no point a seller reducing the price because there was no mortgages to be had.

I seriously doubt it can be that bad......might do my own enquiries to check.

The Swiss Federal Banking Commission obviously needs Greenspan:

Alan Greenspan: ARMed and dangerous. - By Daniel Gross - Slate Magazine

Any solvency questions will interact in a very exciting way with UBS' dominant role in foreign currency markets.

Greg Weston writes:
From July 3, 2008

IRS widens its probe of UBS, demands the names of 20,000 US clients:

http:// business.timesonline.co.u...icle4264146.ece
Greg Weston | Homepage | 07.06.08 - 4:03 pm | #

Does Phil Gramm still lobby for them?

Please Lord, don't allow any more Texans in areas of major responsibility.

How about some of these Japanese banks providing some of the capital. There's an article in the June 28th edition of The Economist called "On the prowl again" which points out a lot of the big Japanese banks didn't get stung that badly by the bad paper (so far at least) and have money to put to work.

"She's kind of a con artist/shady character."

redundant, you had already said she was realtor.

I saw this in the Australia as well.

The Swiss Parliamentarian is named Hans Kaufmann.

UBS, Credit Suisse need bigger capital buffers | The Australian

I'll translate and post the original story when I have a chance to review.

"BB writes:
Subprime Losses Top $379 Billion on Balance-Sheet Marks: Table."

The latest Bloomberg tally is $403 billion. See my link here:

http://www.creditwritedowns.com/2008/05/credit-crisis-timeline.html#Escalating%20Losses

Where is the outrage? Where were the accountants, where were the audit committees, where were the regulators, where were the shareholders, where were the rating agencies, where were any voices to say this is bullshit? These CEO's and the boards, the audit committees, these retarded greedy bastards never had a clue or hint as to when to say no -- they were addicted to the cocaine rush of non-stop derivatives and everyone from Greenspan, to Bush, to ever banker out there, every accounting firm, rating agency, ever regulator is guilty of fraud and no one gives a fuck! Where is the fucking outrage?

If all of these greedy greasy shitbags would have called in sick for the last 5 years, the wold would have been a better place! If these fools would have been in a collective coma without any brain activity, they would have served a far greater purpose as human beings......but noooooo, they had to shove more financial cocaine into their veins and then take out every possible loan to get more and more.

These people are the worst possible examples that exist in society, they are without a shadow of a doubt financial terrorists that are far more dangerous than the shadowy figures of Al Qaeda -- because they have the ability to steal in broad daylight, without having or needing any accountability to run wild and destroy the world with derivatives! These are the same people screwing with global food supplies and oil and what happens, they make more fucking money and get rewarded. This winter as people near starvation and have an inability to pay for heat, these fuckers will be playing the same game and they will not be accountable for any death or financial losses, but they will have a great time in Aspen at the Christmas party and then go to church and thank God for the wonderful life they enjoy!

Bring back the guillotine!

You can no longer e-mail some Senitors or Congressman here in Alaska, Stevens and Young just don't want to here IT!!!! What a waist of Government!!!!

RayOnTheFarm writes:
And who, pray-tell, will come forward with all the hard currency to buy that new equity... SWFs ?
RayOnTheFarm | 07.06.08 - 2:55 pm | #

This one's easy. The Fed. They'll monitize toxic paper through their facilities for the IB's, who will lend to the hedgie's, who will back the PE's, who will take preferred that know one really knows the terms of by diluting existing shareholder equity, Then the IB's, PE's and hedgie's will short the stock and make a fortune.

Hell, UBS will probably write a bunch of swaps in the process and book fee income to boost Q3.

Already seen this movie.

UBS and Credit Suisse are going to have to peddle a lot of Swiss chocolate to raise $39 billion and $29 billion. Perhaps UBS and Credit Suisse can form a strategic partnership with the Girl Scouts of America to sell chocolate chip cookies.

*Where-Is-The-FUCKING-OutRage?"-

Their is a banker sitting in a Manhattan loft laughing and saying "Let them eat cake"