New York State Sues Swiss Banking Giant UBS!!!

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  • DateDoc
    Outside looking in.
    • Feb 2005
    • 14243
    #1

    New York State Sues Swiss Banking Giant UBS!!!

    NEW YORK (MarketWatch) -- New York Attorney General Andrew Cuomo on Thursday filed a lawsuit against Swiss banking giant UBS (UBS:21.41, -1.19, -5.3%) , alleging that the firm deceived investors in auction rate securities by telling clients the investments were cash equivalents. He also claimed senior executives at the firm divested themselves of $21 million of auction rate securities as the market collapsed, but they continued to encourage customers to buy them. Cuomo released transcripts of subpoenaed emails that he said backed up the charges. "Not only is UBS guilty of committing a flagrant breach of trust between the bank and its customers, its top executives jumped ship as soon the securities market started to collapse, leaving thousands of customers holding the bag," Cuomo said in a press release.

    http://www.marketwatch.com/news/stor...7D&siteid=bnbh
    Tags: None
    • Sethseekstruth
      Confirmed User
      • Mar 2004
      • 588
      #2
      McCain's buddy Phil Gramm....

      is all up in UBS as a "consultant" and lobbiest
      https://www.niteflirt.com/pid/12631704

        Comment

        • woj
          <&(©¿©)&>
          • Jul 2002
          • 47880
          #3
          wow, took them a while, didn't the whole "auction rate securities" collapse happen last year?
          Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000
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            • GetSCORECash
              Confirmed User
              • Mar 2008
              • 5527
              #4
              Originally posted by woj
              wow, took them a while, didn't the whole "auction rate securities" collapse happen last year?
              Yep, but it always take time to get a case together.

              More on Phil...
              Gramm's UBS is a leader on three important fronts in the effort to destroy the U.S. economy: the $1.3 trillion subprime mortgage catastrophe, the $330 billion Auction Rate Securities (ARS) freeze, and a tax evasion scheme of unknown magnitude.
              Read this.
              http://www.bloggingstocks.com/2008/0...tion-of-whine/
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                Comment

                • tranza
                  ICQ: 197-556-237
                  • Jun 2003
                  • 57559
                  #5
                  Ok then.........
                  I'm just a newbie.

                    Comment

                    • chri$tian
                      Confirmed User
                      • Aug 2003
                      • 2468
                      #6
                      SHIT, i have a bunch of that stock.. haven't looked at it in a while....
                      http://www.3dsex.com

                        Comment

                        • DaddyHalbucks
                          A freakin' legend!
                          • Feb 2004
                          • 18975
                          #7
                          In Rhode Island, UBS had a VP there named Senator Stephen Alves, who was involved in many shady deals.
                          Boner Money

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