Mortgage problems take their pound of flesh out of UBS
http://www.nytimes.com/2007/12/10/business/worldbusiness/10cnd-bank.html?exprod=myyahoo
In a somber conference call with reporters, UBS’s group chief executive, Marcel Rohner, warned that the bank would lose money in the fourth quarter and possibly for the entire year. It canceled its cash dividend.
But Mr. Rohner insisted that the outside investors would shore up UBS’s capital base, despite a portfolio of subprime-related assets that he said deteriorated rapidly after the bank’s first write-down.
“It puts us in a position to absorb any future shocks, if there are any,” Mr. Rohner said. “We don’t operate from a position of fear.”
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About The Unforeseen
The Unforeseen, executive produced by Terrence Malick and Robert Redford, premiered at the 2007 Sundance Film Festival. Called "the best film at the festival, hands down" by Film Comment's Gavin Smith, the film documents the struggles between development and preservation of Austin Texas.