Lehman raised over $3 billion in a non cumulative convertible at a 30% premium, and UBS is doing a rights offering to raise $15 billion, after writing down $19 billion.
http://www.nytimes.com/2008/04/02/business/worldbusiness/02ubs.html?hp
The banks have bought themselves some time, and despite the ugly headlines, you have to get bullish and be buying on this news.
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