Another  story where a financial institution is laying off risk, this time a portfolio of UBS subprime CDO's, to hands more accustomed to dealing with risk, this time, Blackrock, at 75% of par. On the one hand, this is good, somebody has to get this toxic subprime paper out of the bank's portfolios before lending starts again. Then again, if this paper actually is worth less than 75% of par ( which it very well may be) will Blackrock be running to the Fed for another BS ( that's Bear Stearns, although I will understand if you think the initials stand for something else) bailout? More importantly, what is UBS going to do with the $15 billion it's getting from the deal? Three month T-bills yielding under 2%? That just ain't gonna do it.