UBS seems to be operating on a two month or so plan. In April, they wrote off $19 billion in crap loans. In January it was $14 billion. In December $10 billion. The Journal reports that they are getting ready to announce another write-down. They still have about $32 billion of crap on their books.
Management must be worried as "senior managers and members of the board, including John Fraser, chairman and chief executive of the asset-management unit, and Raoul Weil, chairman and chief executive of global wealth and business banking, had sold more rights to new shares than they bought or exercised, according to regulatory filings."
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