UBS: Lose a Few Billion, Win a Few Billion

Investors washed down the bitter pill of the bank's second subprime writedown with the news of an infusion of cash from sovereign wealth funds

It was déjà vu all over again for Swiss financial giant UBS on Dec. 10 after the bank announced a second writedown of subprime mortgage holdings in a matter of months, this one for $10 billion. Investors took the news surprisingly well, though, because on the same day UBS (UBS) unveiled investments from the government of Singapore and an unnamed Middle East source that will inject $11.5 billion into the European bank.

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