UBS surprises with break-even forecast

Who knew that a Swiss investment bank was the one hit hardest by the credit crunch?   
UBS has written down over $38 billion since news of the crisis broke last summer and shares of the Swiss bank have lost more than half of their value since the start of this year.
Earlier this week, more negative rumors swirled regarding the bank’s need for financing, generating fears that shareholders would be asked to contribute more money.  But, today UBS surprised the world with the announcement of a tax credit that could be large enough to offset possible write-downs for the second quarter. 
The timing of this 3 billion Swiss franc …read more