New York State Sues Swiss Banking Giant UBS!!! - GoFuckYourself.com

DateDoc · 07-24-2008, 10:07 AM

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

Sethseekstruth · 07-24-2008, 10:08 AM

is all up in UBS as a "consultant" and lobbiest

woj · 07-24-2008, 11:08 AM

wow, took them a while, didn't the whole "auction rate securities" collapse happen last year?

GetSCORECash · 07-24-2008, 11:33 AM

Quote:

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...

Quote:

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/

tranza · 07-24-2008, 11:58 AM

Ok then.........

chri$tian · 07-24-2008, 12:00 PM

SHIT, i have a bunch of that stock.. haven't looked at it in a while....

DaddyHalbucks · 07-24-2008, 01:31 PM

In Rhode Island, UBS had a VP there named Senator Stephen Alves, who was involved in many shady deals.

07-24-2008, 10:07 AM	#1
DateDoc Outside looking in. Industry Role: Join Date: Feb 2005 Location: To Hell You Ride Posts: 14,243	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 __________________

07-24-2008, 10:08 AM	#2
Sethseekstruth Confirmed User Join Date: Mar 2004 Location: Richmond, va Posts: 588	McCain's buddy Phil Gramm.... is all up in UBS as a "consultant" and lobbiest __________________ https://www.niteflirt.com/pid/12631704

07-24-2008, 11:08 AM	#3
woj <&(©¿©)&> Industry Role: Join Date: Jul 2002 Location: Chicago Posts: 47,882	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 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager

07-24-2008, 11:58 AM	#5
tranza ICQ: 197-556-237 Join Date: Jun 2003 Location: BRASIL !!! Posts: 57,559	Ok then......... __________________ I'm just a newbie.

07-24-2008, 12:00 PM	#6
chri$tian Confirmed User Industry Role: Join Date: Aug 2003 Location: Charleston, SC Posts: 2,468	SHIT, i have a bunch of that stock.. haven't looked at it in a while.... __________________ http://www.3dsex.com

07-24-2008, 01:31 PM	#7
DaddyHalbucks A freakin' legend! Industry Role: Join Date: Feb 2004 Location: Las Vegas, Nevada USA Posts: 18,975	In Rhode Island, UBS had a VP there named Senator Stephen Alves, who was involved in many shady deals. __________________ Boner Money