Stocks to Rise in ’09, UBS Says; S&P 500 May Gain 53%

This:

Opinion.. Dec. 3 (Bloomberg) -- Global stocks will withstand a “full-blown” recession and surge in 2009 as cheap valuations and efforts by governments to restore confidence in the financial system lure investors back to equities, UBS AG said.

Facts...

UBS catalogues its $37.4 billion writedowns

UBS, the investment bank, spelt out in painful detail yesterday the failures that contributed to its $37.4 billion (£18.8 billion) of sub-prime writedowns. The failures included a rushed set-up of its hedge fund business, an over-aggressive growth plan and lack of risk management in investment banking.

Switzerland's largest bank issued a report for shareholders outlining the findings of an inquiry conducted at the request of the Swiss Federal Banking Commission, the regulator.

UBS is the European bank worst hit by the credit crunch, with $18.4 billion in writedowns for 2007 and $19 billion in this year's first quarter.

and... PARIS — Switzerland extended urgent help Thursday to its storied banking industry as the government acknowledged that even the world’s biggest wealth needed protection from the tumult gripping the global financial system.

Less than a week after Europe and the United States coordinated moves to ease the crisis, the Swiss government said it would take a 9 percent stake in UBS, the financial giant that has been among the hardest hit by losses from American subprime mortgage debt, and provide it with 6 billion Swiss francs ($5.36 billion) in capital.

Rebuking UBS for failing to maintain adequate risk controls, regulators also set up a $60 billion fund to absorb troubled assets lingering on its books, a move intended to strengthen its financial and competitive position.

Then this:


Who do you believe?