GEORGE MAGNUS, UBS, on a possible trillion dollar meltdown from the subprime crisis

Part 1, Feb 25: George Magnus, UBS senior economic adviser, says total losses resulting from the subprime crisis could reach $1,000 billion dollars. He says to Gillian Tett, FT global markets editor, that banks and other lenders still have not fully recognised the full value of further writedowns, which are likely to take place this year.