PRIME TIME........
ANOTHER giant UBS ...likely casualty of sub prime problems......heavy redumption pressures from this fund worldwide.......
in india.....large holdings in RIL......that explains the selling on this counter along with japanese funds.....
recall 2004.....when coalation led govt came to power......ubs was the main culprit for the first ever downward circuit for the sensex for which it was banned for 2 yr from dealing in the mkts.............
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v had that piece.....now read the real stuff from BLOOMBERG.....
UBS to Sell Stakes After $10 Billion in Writedowns ........
By Elena Logutenkova
Dec. 10 (Bloomberg) -- UBS AG will write down U.S. subprime mortgage investments by $10 billion, the biggest such loss by a European bank, and replenish capital by selling stakes to investors in Singapore and the Middle East.
Europe's largest bank by assets plans to raise 13 billion Swiss francs ($11.5 billion) selling bonds that will convert into shares to Government of Singapore Investment Corp. ......