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last updated: 18 March 2008
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Finance Professionals - September 2008
Martin Ward Anderson
Reuters reports that JPMorgan has come out and said that it expects UBS to have to write down an additional $17.9bn of assets this year, taking the total at the Swiss bank to around $40bn. JPMorgan is also forecasting that there will be further net of tax asset writedowns this year over at Credit Agricole ($1.1bn), Credit Suisse ($7.3bn), Deutsche Bank ($2.9bn) and SocGen ($1.5bn)

The Wall Street Journal reports that SocGen trader Jerome Kerviel is due to be released Tuesday from Paris' La Sante prison, where he has been detained since February 8th. A French court has ordered his release on the basis that he doesn't speak to certain (unspecified) people. Kerviel's lawyer said that our boy was going home 'to rest'.

And finally, it's interesting to see that a couple of old market pros got caught out by the quick fall of Bear Stearns. Bloomberg reports that US Securities and Exchange Commission chairman Christopher Cox said just 2 days before Bear Stearns rushed to JPMorgan for its bailout that 'we have a good deal of comfort about the capital cushions at these firms at the moment'. And FT Alphaville quotes Street.com founder Jim Cranmer, who apparently said last week that 'No! No! No! Bear Stearns is fine. Do not take your money out......Bear Stearns is not in trouble. I mean, if anything, it's more likely to be taken over. Don't move your money from Bear. That's just being silly. Don't be silly'.

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