Seeking Alpha
03-20-2008, 08:32 AM
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<li><strong><a href="http://money.cnn.com/news/newsfeeds/articles/djf500/200803200344DOWJONESDJONLINE000398_FORTUNE5.htm">Trader errors hit Credit Suisse.</a></strong> Credit Suisse (CS) says it expects to post a Q1 loss (its first since 2003), and revised down its 2007 net profit by CHF 789 million ($799 million) to CHF 7.76B. CS said a probe into the valuation of some asset-backed securities (announced in February) resulted in writedowns of CHF 2.86B, about 200M less than originally anticipated, of which CHF 1.18B is related to Q4 2007, and CHF 1.68B to the current quarter. The CDOs were intentionally mispriced by traders who have since been terminated or suspended. Swiss banks were down hard in early trading: CS -6.1%; UBS (UBS) -5.9%.<br/><a href='http://seekingalpha.com/article/69385-wall-street-breakfast-must-know-news?source=feed'>Complete Story »</a>
complete article here... (http://seekingalpha.com/article/69385-wall-street-breakfast-must-know-news?source=feed)
<ul>
<li><strong><a href="http://money.cnn.com/news/newsfeeds/articles/djf500/200803200344DOWJONESDJONLINE000398_FORTUNE5.htm">Trader errors hit Credit Suisse.</a></strong> Credit Suisse (CS) says it expects to post a Q1 loss (its first since 2003), and revised down its 2007 net profit by CHF 789 million ($799 million) to CHF 7.76B. CS said a probe into the valuation of some asset-backed securities (announced in February) resulted in writedowns of CHF 2.86B, about 200M less than originally anticipated, of which CHF 1.18B is related to Q4 2007, and CHF 1.68B to the current quarter. The CDOs were intentionally mispriced by traders who have since been terminated or suspended. Swiss banks were down hard in early trading: CS -6.1%; UBS (UBS) -5.9%.<br/><a href='http://seekingalpha.com/article/69385-wall-street-breakfast-must-know-news?source=feed'>Complete Story »</a>
complete article here... (http://seekingalpha.com/article/69385-wall-street-breakfast-must-know-news?source=feed)