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Riding high on write-downs

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You know it’s a weird market when a multi-billion write-down causes stocks to soar. But that’s what happened Tuesday after Switzerland’s largest bank, UBS AG, which had already written down $18 billion, said it would add $19 billion more in losses. Seems investors were pleased that the bank indicated it might have found bottom, and the worst is now behind them. According to the Wall Street Journal, UBS also said it would raise $15 billion in new capital from its shareholders. In another move that pleased some investors, according to the paper, the bank said it would replace its chairman. Honestly, after losing $37 billion, how could he stay?