Posts Tagged ‘Union Bank of Switzerland’
Posted by Larry Doyle on February 25th, 2013 9:27 AM |
Last summer I tagged Wall Street’s industry funded police at FINRA as being little more than meter maids. With a recent review of FINRA’s largest fine imposed in its history, I now realize that I have actually done a serious disservice to those diligent and hard working meter maids patrolling our cities and towns. How so?
Let’s navigate and look more deeply into FINRA’s $12 million fine imposed on those paragons of virtue who ran Union Bank of Switzerland’s equity operations.
What did UBS do to deserve FINRA’s “largest” fine? (more…)
Tags: FINRA and Reg SHO, FINRA fine of UBS for naked short selling, FINRA meter maids, FINRA's largest fines, how does naked short selling work, how widespread was naked short selling, integrity of the marketplace, naked short selling, Securities Technology Monitor, UBS equity operations, UBS naked short selling, UBS violation of Reg SHO, Union Bank of Switzerland, what is Reg SHO
Posted in FINRA, General, naked short selling, UBS, Wall Street Washington Incest | 3 Comments »
Posted by Larry Doyle on December 19th, 2012 6:54 AM |
GUILTY!!
Why would anybody want to do business with an institution that systematically participated in a widespread fraud over a period of years? I guess that very statement could likely be said of many global banks in regard to the scandal encompassing the manipulation of Libor.
Today, though, the scarlet letter is applied to the Union Bank of Switzerland as it pleads guilty to fraud in the manipulation of Libor and other benchmark interest rates. This bucket shop has agreed to pay a $1.5 billion fine. (more…)
Tags: arrests of UBS executives, bucket shops, fraud, fraud at UBS, Libor scandal, UBS arrests, UBS arrests for Libor fraud, UBS bucket shop, UBS guilty, UBS pleads guilty of fraud, UBS ring leader of Libor scandal, Union Bank of Switzerland
Posted in General, Libor, UBS | 10 Comments »
Posted by Larry Doyle on July 22nd, 2012 6:41 AM |
I continue to maintain that the overwhelming percentage of people working on Wall Street are good and decent people trying to make an honest living in what has become an increasingly challenged industry.
I also maintain, and always will, that the spirit of capitalism that drives Wall Street is a necessary and vital engine if our economy and country are to recover.
I rail so hard on the failures and captures within our financial system for the very simple reason that I believe a healthy country needs healthy markets. Neither our country nor our markets are anywhere close to being healthy right now. In fact, with the news surrounding the Libor scandal taken in conjunction with word of massive money laundering within HSBC, the question begs, “Have banks become criminal enterprises?”
(more…)
Tags: Antonio Maria Costa UNODC, banking criminal enterprises, banking scandals, criminal activity within banks, criminal activity within Wall Street banks, David Aufhauser of UBS Settles ARS, does self-regulation work on Wall Street, drug trafficking in Wall Street banks, drug trafficking money laundering at Wachovia, For UBS A Record of Averting Prosecution, has criminal activity overtaken banking, have banks become criminal enterprises, how did drug trade penetrate banking, HSBC money laundering, JP Morgan electric scandal, JP Morgan Libor scandal, Libor scandal, Money Laundering Taken to the Cleaners, the state of banking 2012, Too Big to Beahave Not Too Big to be Punished, UBS, UBS New York Times July 21 2012, Union Bank of Switzerland, Wachovia money laundering, Wachovia money laundering scandal, Wall Street and drug trafficking, Wall Street-Washington incest
Posted in General, Wall Street Washington Incest | 12 Comments »
Posted by Larry Doyle on August 5th, 2010 7:40 AM |
Morning in America!!!
Are auction-rate securities holders gaining the upper hand against Wall Street in the fight to gain full justice and restitution with penalties for the improper marketing and distribution of ARS? While 2009 brought many judicial and arbitration defeats for ARS holders, lately we witness a shift in the tide. Thank you to a reader of Sense on Cents for sharing that UBS (Union Bank of Switzerland) not only lost an ARS case, but the Swiss bank has to repay ten times the initial ARS investment. WOW!!
What happened here? Why such a large settlement? Let’s navigate as The Wall Street Journal reports, UBS To Pay $81 Million in Auction-Rate Case:
UBS AG has been ordered to pay 10 times the amount a Maryland marketer of cellphones originally invested in auction-rate securities, in another sign of the reckoning still dogging Wall Street for its role in investor losses during the meltdown. (more…)
Tags: Auction Rate Securities scandal, Financial Industry Regulatory Authority, FINRA, Jacob Zamansky, Kajeet, Larry Doyle, LD, Randall Smith, Sense on Cents, UBS ARS case, UBS loses auction rate securities case, UBS to pay $81 million in Auction-Rate Case, Union Bank of Switzerland, Wall Street Journal
Posted in ARPS, ARS, Auction Rate Securities scandal, General | 4 Comments »
Posted by Larry Doyle on February 2nd, 2010 3:02 PM |
I have debated writing about Robert Wolf.
Who is Robert Wolf? The CEO of UBS Group Americas and one of if not the closest adviser President Obama has on Wall Street. Wolf was profiled in The Wall Street Journal on January 23rd, Obama’s Lead Blocker on Wall Street:
Mr. Obama has at least one buddy in the banking business: a former University of Pennsylvania fullback and ex-Salomon Brothers bond trader who now serves as an outside White House adviser. (more…)
Tags: Barack Obama, Barack Obama and Robert Wolf, Barack Obama Robert Wolf George Soros, career of Robert Wolf, CEO of UBS Group Americas, Jim Torrey of Torrey Funds, mortgage losses at UBS, Obama, Obama and Wolf, Obama Wolf Soros, Obama's Lead Blocker on Wall Street Wall Street Journal, Obama's relationship with Robert Wolf, Robert Wolf, Union Bank of Switzerland, who is Robert Wolf
Posted in General, Obama Administration, UBS | 8 Comments »
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