Finance by a Croat

UBS is taking another $10B writedown on top of the $3.5B it had already written down due to the US mortgage crisis.

Of note is the $13B capital injection the bank received ($11 from the Swiss government and another $2B from a state-run middle-east investment house) illustrating just how expensive and difficult it has become to raise capital in the open markets.

Is this the beginning of Round Two of the credit crunch?