UBS sees financial crisis leading to industry wide losses of 600 bln usd

"'Our global banks team estimates that total industry losses in this financial crisis should reach north of 600 bln usd of which listed banks and brokers should account for 'only' 350 bln usd,' the bank writes." Our comment: So we've seen how the big boys have tended to *under*estimate losses so far, so what are we to make of the above $350bn estimate? Double it? Triple it?