bostonbubble.com

[samz]

Hello all,

I heard on the radio that UBS has put out a report detailing its losses in the sub-prime mortgage crash. I tracked down a link:

http://www.ubs.com/1/e/about/news.html?newsId=140335

It's pretty technical stuff (e.g., you need to read up on "collateralized debt obligations").

There's a somewhat lighter-weight article from the NYTimes:

http://www.nytimes.com/2008/04/22/business/worldbusiness/22ubs.html

Here are some nice quotes:

"Analysts said the finished product [the report], which reads like a detective novel on reckless banking, could, in the end, help UBS by demonstrating transparency."

"The report also cites an “insufficiently robust” risk control framework and says the oversight of investment banking “lacked effectiveness” and “focused too much on the maximization of revenue growth.”"