Market’s April Fool’s Joke

by Mr Juggles

Facts admitted to in the last 24 hours:

  • UBS (NYSE: UBS) needs to raise $15 billion in capital
  • UBS wrote down $19 billion
  • UBS chairman is leaving
  • Deutsche Bank (NYSE: DB) admits they are lying bastards by only writing down $4 billion
  • Lehman (NYSE: LEH) is trying to raise $3 to 4 billion in capital

Market reaction pre-opening from the WSJ.com:

Stock futures extended gains as investors opened the books on a new quarter by betting that the latest write-downs from UBS and Deutsche Bank have put most of the worst damage to banks and brokers from the credit crisis out in the open. 9:10 a.m.

Recommendation: Hey everybody, April Fool’s!

Postscript: The Dow Rallied 391 points on the day, no joke

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