This is reported as a "spat"! (CDOs)

[ladelfina]

FT.com / Home UK / UK - UBS in spat with hedge fund over CDO

A dispute between UBS and a hedge fund that sold it protection on a complicated mortgage security highlights why banks are still having a hard time figuring out the total amount they will have to write down such debt.

The combination of subjective valuation and hedges that may not be real because counterparties cannot or will not pay goes way beyond UBS and Paramax.

Well, you have to hand it to them, they certainly aren't raving like CNBC.