intriguing stuff --cho

Several apparently diverse elements from the news this morning all point to an agenda on the part of Bush Administration, but getting a clear picture of just what that overall agenda is, and what the goals might indicate, can be mind boggling.

Anyone want to see if there are some common threads here...?

1. UBS to Write Down Another $19 Billion

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   The planned capital increase would come on top of a $13 billion infusion UBS received from the Government of Singapore Investment Corporation and an unidentified Middle Eastern investor this year.

   UBS’s problems of the last year are a stunning reversal for an institution long known for its staid, conservative style. Beginning in 2005, UBS made a huge bet on mortgage securities, seeking the higher yields they offered and trusting that the AAA ratings they bore would protect the bank from outsize losses.

   Eventually, UBS’s mortgage portfolio topped $100 billion.

   “The losses at UBS are staggering,” Ms. Whitney of Oppenheimer said. “It’s hard to fathom another quarter of $18 billion or $19 billion write-downs, but this isn’t the end of their problems.”
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   That bit about the unidentified Middle Eastern investor (emphasis mine) caught my eye.