UBS Writes Down $19 Billion and Seeks New Capital - New York Times

UBS Writes Down $19 Billion and Seeks New Capital - New York Times: "UBS AG wrote down an additional $19 billion on assets on Tuesday, causing a net loss of 12 billion Swiss francs ($12.03 billion) in the first quarter, and said it would seek 15 billion francs in new capital through a rights issue of shares."

I thought that UBS was among the first to announce that they had an issue. This is more bad news, not just for UBS, but for the indicator that we have more of these increased amounts and claims coming through.

Hold onto your hats.... it is going to get windy.