How Risk Management Mystery Is Deepening at UBS

by Robert N. Charette

As I wrote recently (see "The First Thing We Do, Let's Kill All the Risk Managers -- Again," 31 January 2008), the management of Swiss bank UBS admitted in January that, even after writing off US $13.4 billion from the bank's books in the fourth quarter in response to its holdings in subprime mortgages, "We cannot, at this time, accurately predict the future development of the US residential mortgage markets and therefore the ultimate impact of our positions in subprime-mortgage-related securities."

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How Risk Management Mystery Is Deepening at UBSThu Apr 10 08:20:13 CDT 2008