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As expected, UBS went big this morning, reporting large losses for the fourth quarter 2008, even higher than analysts had predicted but lower than it posted a year earlier for the fourth quarter 2007. &lt;p&gt;Along with the losses came another 2,000 cuts in its investment banking unit, adding to the 9,000 it&#39;s sacked since 2007. No news surfaced on a possible marriage with a U.S.-based wealth management unit, but UBS did announce a change in its business structure that divided its wealth management division into two (one in the Americas and one everywhere else), perhaps prettying up itself for a suitor. &lt;p&gt;If it does enter into a union anytime soon, you can bet the ceremony and celebration won&#39;t be held in Vega$. Seems what happens in the Sin City is now moving to other cities, as Sin appears to go hand in hand with Greed, and no bank&amp;#8212;including Goldman Sachs, which, following similar maneuvers by Wells Fargo and others, moved a tech conference from Las Vegas to San Francisco, which might end up costing rather than saving Goldman money, since cancelation fees&amp;nbsp;have been&amp;nbsp;reported to be more than half a million bucks&amp;#8212;wants to have two of the seven deadly sins associated with its name, especially&amp;nbsp;in times like these when banks have been entrusted with billions in taxpayer dollars to play blackjack, roulette and craps (that is, lend consumers and businesses money, which they haven&#39;t done and which is why several bank head honchos are taking the train to D.C. tomorrow&amp;#8212;instead of taking the plane in order&amp;nbsp;to appear to be acting&amp;nbsp;frugally,&amp;nbsp;although last time I checked it cost more to Amtrak to the capitol than coach class it on the shuttle&amp;#8212;to answer to everybody&#39;s favorite Flintstone and Congressman, Barney Frank, about why the heck they haven&#39;t been lending their white-bearded Uncle&#39;s duckets, among other inquiries). &lt;p&gt;And in case you missed it, this &lt;i&gt;Slate&lt;/i&gt; piece, &quot;The Case for Bankers. They&#39;re not all villainous scum. And besides, we really need them,&quot; published this past Saturday and written by the chairman and editor-in-chief of the Slate Group, is well worth your time. It follows other articles like this one from the &lt;i&gt;New York Times&lt;/i&gt; that talk about the bad rap that thousands of bankers are unjustly getting these days as a result of the sins of a few.&lt;/p&gt;

Derek Loosvelt

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