Write-down Spotlight Shifts to European Banks

“Our model indicates a shortfall in write-downs of over $3 billion for Barclays, RBS and SocGen, and of over $6 billion for UBS (NYSE: UBS). Even if we accept that our model overstated write-downs for 2007 and was too conservative, for whatever reason, there will be additional write-downs since the year end that could be substantial - over $1 billion for Barclays, RBS and SocGen, and over $3 billion for UBS.”