UBS declares a whopping writedown of up to $18 billion and seeks a capital increase of $13.1 billion.

Lehman, weeks after jumping up and down to show how healthy they are, is seeking $3 billion in capital to shore up their books. Due, according to the CEO, to “investor interest”. 

Nothing to see here, folks. Move right along.

Corvin is an activist and writer based in Toronto. Currently he is working on the Environmental Justice Organizing Initiative to help build an organized movement on climate change rooted in a class, race, anti-colonial, and gender analysis. Read other posts by Corvin Russell.