UBS makes record writedown; sells stake to Singapore fund
UBS has announced it plans to sell a stake in the firm to the Government of Singapore Investment Corporation. The sale was unveiled as the bank made a $10 billion writedown to its US subprime holdings. The writedowns are primarily on CDO and super-senior holdings (triple-A rated tranches of CDOs with priority in the event of default).
"Conditions in the US mortgage and housing markets have
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