Good News! We Got Writedowns!

UBS Writes Down Another $19 Billion

It seems like the news seems so bad that the market is laughing at it. UBS is up 10% on the news. I guess bigger the write-off means this is the bottom. I don't know how many times we've heard about The "Bottom."

Its shares climbed 9 percent as investors hoped the move marked a turning point for the firm that now leads the global list of banks hit hardest by the credit crisis.

http://www.cnbc.com/id/23892159

Lehman is raising $4 billion in capital. It's just to "Slience" the critics. Not that there is any need for it. We are paying 7.25% dividend just to show the market has confidence!

Lehman seems to be in have not announced ennough writedowns.

http://www.cnbc.com/id/23899075

Deutsche Bank to Writedown only $3.9 billion. As such, it's stock price is up only 3%. Note to CEO: Go Get a Bigger Writedown!

http://www.cnbc.com/id/23893686

Analyst at Financial research firm Celent expect financial industry to lose 200,000 jobs over next 12 to 18 months.

http://www.cnbc.com/id/23897422/for/cnbc/