The subprime crisis claimed another 2 victims. First off UBS, Switzerland's largest bank, reported a quarterly loss of 830 million Swiss francs (US$713 million) after its third quarter results were hit by the ailing US home loans market.
Yes, 830 million! The second victim was Merrill Lynch chairman and CEO Stan O'Neal is "retiring" from the global investment bank and brokerage after Merrill Lynch posted some of the biggest losses in its history. The loss: 7.9 billion dollars in losses!
Yes, a total loss of over 8 billion! The deterioration in the US subprime mortgage market is really getting scary because it's still not over. There's may be more losses involved. Get ready for a bumpy ride.