UBS now says it is writing off $19 billion due to the current debacle. On January 30 it was $14 billion. In December it was $10 billion. It claims that its exposure to the subprime market is down from $27.6 billion on December 31 to $15 billion today. But, guess what? Its exposure to auction-rate certificates has almost doubled from $5.9 to $11 billion.
What is reality?
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