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Posts Tagged ‘Union Bank of Switzerland’

UBS, FINRA, and Naked Short Selling: “Duration, Scope and Volume of The Trading Created a Potential for Harm to The Integrity of The Market.”

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…)

Libor Scandal Update: UBS GUILTY of FRAUD!!!

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…)

Have Banks Become Criminal Enterprises?

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…)

UBS Loses Huge Auction-Rate Securities Case

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…)

President Obama and Robert Wolf

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…)






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