UBS Pulls A Citigroup – Takes $10 Billion Subprime Writedown, Receives $11.5 Billion Investment

The big news this morning is an announcemement by UBS that they will take a $10 billion writedown on their US subprime exposure and also that the Singapore Investment Authority ($9.75 bil) and an unnamed Middle East investor ($1.75 bil) have made investments…

Retailers Report Another Mediocre Quarter; Bush Set To Announce Mortgage Freeze Plan

Retailers reported November same stores sales this morning and the numbers again appear mediocre.  Same store sales increased 4% but because of a calendar shift, this year’s November included the week after Thanksgiving whereas last week’s “November” did not (subscription required). …