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Old 11.07.2008, 18:16
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Moneyweek: Swiss banks reveal their dirty secrets...

http://www.moneyweek.com/file/50365/...y-secrets.html

How the mighty have fallen.
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Old 11.07.2008, 18:29
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Re: Moneyweek: Swiss banks reveal their dirty secrets...

Has Birkenfeld broken any Swiss laws by revealing the names of his clients? If so, wouldn't he qualify to take the 5th Amendment Right against self-criminalization?
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Old 11.07.2008, 18:50
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Re: Moneyweek: Swiss banks reveal their dirty secrets...

Something went badly wrong with the management culture at UBS. That kind of thing strikes at the very heart of the place. Ospel was the head so it was right to decapitate. But Kurer was also part of that management culture. The fact that the Board elected from within speaks volumes. As I've said before, outsiders get everything into the open so past sins can't be seen as their fault. What is UBS afraid of? UBS won't regain credibility unless it replaces him with someone from outside - a new broom.
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Old 11.07.2008, 18:51
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Re: Moneyweek: Swiss banks reveal their dirty secrets...

Jeese this is really a sick story.

Especially when you think of all the people hoodwinked into thinking that they ever had a hope in hell of paying the mortgage that they they were sold.

From the 1990's riding high on "Quality" and all the rest of it, to a bank almost beyond recovery.
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Old 11.07.2008, 19:19
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Re: Moneyweek: Swiss banks reveal their dirty secrets...

The U.S. government and the Federal Reserve played substantial roles in bringing this about. They were right in the middle of redefining a ton of bad risks as a ton of good risks. UBS is just one of many victims.
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Old 11.07.2008, 19:34
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Re: Moneyweek: Swiss banks reveal their dirty secrets...

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Something went badly wrong with the management culture at UBS. .... UBS won't regain credibility unless it replaces him with someone from outside - a new broom.
UBS had new broom a few years back: Luqman Arnold but they forced him out. There have been mutterings that the Swiss have a hard time working under foreigners.

As for the Moneyweek article:
"It has also cleared out the board. Three directors have been dumped and new chairman Peter Kurer..."

They call that a clear-out? There must be some significance in choosing a lawyer for the top post.
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Old 11.07.2008, 20:08
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Re: Moneyweek: Swiss banks reveal their dirty secrets...

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UBS had new broom a few years back: Luqman Arnold but they forced him out. There have been mutterings that the Swiss have a hard time working under foreigners.
The majority of large Swiss multinationals have foreign CEO. Examples: Credit-Suisse, Nestle, Roche, Zurich Financials, Swiss-Re.

How is it in UK? US? DE? FR? JP?

And if Luqman is so good, why is he languishing at a small hedge fund and not heading HSBC? Barclays? RBS? HBoS?
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Old 11.07.2008, 20:10
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Re: Moneyweek: Swiss banks reveal their dirty secrets...

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Has Birkenfeld broken any Swiss laws by revealing the names of his clients? If so, wouldn't he qualify to take the 5th Amendment Right against self-criminalization?
Has he revealed any apart from Olenicoff?
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Old 11.07.2008, 21:32
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Re: Moneyweek: Swiss banks reveal their dirty secrets...

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And if Luqman is so good, why is he languishing at a small hedge fund and not heading HSBC? Barclays? RBS? HBoS?
Does he have to be at one of those banks to be successful?

One of the best paid bankers in the US heads an extremely successful hedge fund which you may not have even heard of. This fund even beats George Soros in terms of performance. According to your assessment, he must be languishing dreadfully in some little known financial institution.
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Old 11.07.2008, 21:40
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Re: Moneyweek: Swiss banks reveal their dirty secrets...

All I'm saying is Ospel has gone but Kurer (chairman), Rohner (chief executive) and Suter (chief financial officer) were all part of the incompetent crew which shipwrecked UBS. UBS is still in crisis, the stock is at a 10 year low but they are still at the helm. Hellooooo!
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Old 11.07.2008, 22:25
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Re: Moneyweek: Swiss banks reveal their dirty secrets...

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The U.S. government and the Federal Reserve played substantial roles in bringing this about. They were right in the middle of redefining a ton of bad risks as a ton of good risks. UBS is just one of many victims.
UBS a victim??? Run that past me again. . A victim of who, pray tell. IMHO, they are victims of no-one but themselves, acting through greed as part of a mad gold rush that could only end in tears. The Credit Crunch of 2008 will join the list of examples of "irrational exuberance" including the Dutch Tulip craze and the South Sea Bubble.
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Old 11.07.2008, 22:33
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Re: Moneyweek: Swiss banks reveal their dirty secrets...

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UBS a victim??? Run that past me again. . A victim of who, pray tell. IMHO, they are victims of no-one but themselves, acting through greed as part of a mad gold rush that could only end in tears. The Credit Crunch of 2008 will join the list of examples of "irrational exuberance" including the Dutch Tulip craze and the South Sea Bubble.
You're right. They knew what they were getting into, and what the U.S. folks were doing was no secret. I just meant "victim" in the sense that they're paying a hefty price for having been in the game, whereas the U.S. govt. and the Fed aren't. Like the other bankers who got caught without a chair when the music stopped, they seem to have assumed they could be trusted.
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Old 11.07.2008, 22:52
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Re: Moneyweek: Swiss banks reveal their dirty secrets...

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You're right. They knew what they were getting into, and what the U.S. folks were doing was no secret. I just meant "victim" in the sense that they're paying a hefty price for having been in the game, whereas the U.S. govt. and the Fed aren't. Like the other bankers who got caught without a chair when the music stopped, they seem to have assumed they could be trusted.
The economic boom in the US and by extension, the rest of the westernised World was crazy and unsustainable. Definitely the big central banks were deliberately pumping the market like crazy, lead by Greenspan at the Fed.

But what gets me is just how greed overrode prudence and commonsense. By all accounts the entire finance sector was making deals it knew were stupid and short-sighted. Yet greed on both an individual and corporate level drove the whole thing on.

You would expect a conservative Swiss bank like UBS to be smart enough to know better......yet it was gorging itself on toxic debt because the deals being made were making the individuals in the bank rich and looking good in the short term on the bottom line.
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