Subprime crisis

Some of the largest banks across the world have encountered huge losses by having exposure to the subprime crisis. The crisis doesn't seem to have any end in sight as more and more banks uncover their exposures. Bear Sterns was on the verge of collapse, if it was not for the FED-JPM rescue.
Last Tuesday, UBS unveiled another $19 billion in losses amounting to a total of $37 billion loss in subprime.
UBS tops the list of subprime losses with $37 billion followed by Merill Lynch with $25.1 billion. Citigroup comes third with $23.9 followed by HSBC with $12.4 billion.

Article on New York Times. Click on chart on left hand side that lists current losses per bank.

Even though financial stocks are rallying for the past few weeks, remember to unwind your positions as S&P 500 nears 1400 level. We will going back and breaking the lows set in Jan & March 2008.