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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: bentway who wrote (113548)	3/30/2008 2:13:07 PM
From: coachbobknight	Read Replies (1) \| Respond to of 306849

from the current front page of bloomberg...more confirmation of problems with UBS... full disclosure...we are heavily short UBS... bloomberg.com UBS May Target Capital Increase of SF16 Billion, Sonntag Says By Carey Sargent March 30 (Bloomberg) -- UBS AG may ask shareholders to approve a capital increase of as much as 16 billion Swiss francs ($16.1 billion), the Sonntag newspaper reported, citing people it didn't identify. The bank needs that amount of money to keep its Tier 1 capital ratio at 12 percent, the newspaper said. UBS will also report a first-quarter loss after writing down as much as 15 billion francs on the value of debt securities, Sonntag said. UBS is suffering from a cash drain after customers in the Zurich area alone removed funds worth 700 million francs as of March 26, Sonntag said. Christoph Meier, a spokesman for the Zurich-based bank, declined to comment on the report. To contact the reporter on this story: Carey Sargent in Geneva at Csargent3@bloomberg.net. Last Updated: March 30, 2008 06:38 EDT