tag:blogger.com,1999:blog-4558409694297595460.post-4885312339945612642008-04-01T11:17:00.006-04:002008-04-03T00:48:50.110-04:00<a href="http://bp1.blogger.com/_o4yPbFP9MAs/R_JWUXkQWoI/AAAAAAAAA6A/42Fz8R-TuQo/s1600-h/euro.gif"><img id="BLOGGER_PHOTO_ID_5184301028980316802" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; CURSOR: hand" alt="" src="http://bp1.blogger.com/_o4yPbFP9MAs/R_JWUXkQWoI/AAAAAAAAA6A/42Fz8R-TuQo/s200/euro.gif" border="0" /></a> The fallout from the U.S. subprime debacle continues to spread overseas. <a href="http://www.msnbc.msn.com/id/23897083">Swiss bank UBS AG</a> posted first-quarter losses of $12.1 billion, prompting the resignation of the banks Chairman, Marcel Ospel. UBS write-downs (a write-down is a reduction in the book value of an asset that's considered overvalued compared to market) have reached $40 billion in the past nine months, larger than any bank. Germany's largest bank, Deutsche Bank AG, also announced $4 billion in write-downs.A.G.Y.noreply@blogger.com