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UBS Sells Stake After Write-Down

After another big write down of 10 billion in mortgage related 'assets', UBS became the latest Western bank to seek a financial lifeline from the cash-rich East today, selling a stake of more than 10 percent to investors from Singapore and the Middle East.

"It's a measure of how the geopolitical and financial landscape has changed," said David Williams, the head of banking research in London at the investment bank Fox-Pitt Kelton Cochran Caronia Waller.....

For UBS, Mr. Williams said, it was an "interesting and depressing" day. "Only a year ago," he noted, "this was considered one of the most financially sound institutions in the world."....

UBS's group chief executive, Marcel Rohner, said, "We don't operate from a position of fear."

<chortle, chortle>

You can't be me, I'm taken

by Sven Triloqvist on Mon Dec 10th, 2007 at 10:40:10 AM EST

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