UBS $7.5 Billion Bath, Pimco & Fortis
Yesterday UBS, Europe's biggest bank by assets took a $7.5 billion bath in a $25 billion asset fire sale...
Analysts said they believed UBS had sold its Alt-A investments to bond manager Pimco for 70 cents to the dollar.
Today...Fortis, Belgium's biggest financial services company, said Q4 profit declined 45% after $2.31 billion of writedowns.
The company said that it had 48 billion euros in structured credit at the end of 2007, of which 2.9 billion euros was U.S. subprime CDO collateralized debt obligations.
The Nattering One muses... look out here comes Bill Gross, watch what he does, not what he says.
Analysts said they believed UBS had sold its Alt-A investments to bond manager Pimco for 70 cents to the dollar.
Today...Fortis, Belgium's biggest financial services company, said Q4 profit declined 45% after $2.31 billion of writedowns.
The company said that it had 48 billion euros in structured credit at the end of 2007, of which 2.9 billion euros was U.S. subprime CDO collateralized debt obligations.
The Nattering One muses... look out here comes Bill Gross, watch what he does, not what he says.
Comments