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  #341  
Old 07.10.2008, 16:20
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Re: How Safe is UBS

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Goldtop: "UBS had its profits taxed proportionately at all its international locations. Future dividends will flow untaxed to Singapore and mysterious Arab investors."

Shorrick:
"Is that statement based on your analysis of past UBS P&L statements, accounting statements and other such documents - or merely hearsay?"
Those interested on US corporate taxation can take a look here:
http://en.wikipedia.org/wiki/Corpora..._United_States
It clearly states
Foreign corporations which conduct a trade or business in a branch in the United States are taxed on the profits of the branch. Other income (such as dividends or royalties, but not generally interest) is subject to a 30 percent withholding tax ... The profits of a US corporation which is a subsidiary of a foreign corporation are therefore subject to double taxation in the US, once under the ordinary domestic rules when the profits are earned and once when the profits are distributed to the foreign parent as a dividend. To prevent foreign corporations avoiding this double taxation by operating in the US as a branch, branches of foreign corporations are subject to an additional tax.

Moreover, the State of New York imposes a 7.5% tax on profits realized in New York.

Surely, nobody doubts that the USA is rightfully claiming taxes on business done in the US.
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  #342  
Old 07.10.2008, 16:27
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Re: How Safe is UBS

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Quite,
they did not quote much of the interview with Widmer-Schlumpf; if I understood correctly with my poor German she identified areas for action as the CHF 30K guarantee & protecting pillar 3 deposits.
Of course that is very different from actually doing anything.

Marton
This is typical political talk. There is no legislation in place for the Swiss Federal Government to intervene. The existing Swiss deposit insurance is a scheme, which the Bankers themselves organized as a limited insurance pool.
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  #343  
Old 07.10.2008, 17:25
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Re: How Safe is UBS

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Those interested on US corporate taxation can take a look here:
http://en.wikipedia.org/wiki/Corpora..._United_States
It clearly states
Foreign corporations which conduct a trade or business in a branch in the United States are taxed on the profits of the branch. Other income (such as dividends or royalties, but not generally interest) is subject to a 30 percent withholding tax ... The profits of a US corporation which is a subsidiary of a foreign corporation are therefore subject to double taxation in the US, once under the ordinary domestic rules when the profits are earned and once when the profits are distributed to the foreign parent as a dividend. To prevent foreign corporations avoiding this double taxation by operating in the US as a branch, branches of foreign corporations are subject to an additional tax.

Moreover, the State of New York imposes a 7.5% tax on profits realized in New York.

Surely, nobody doubts that the USA is rightfully claiming taxes on business done in the US.
Indeed it clearly states "taxed on the profits of the branch" bit. What wikipedia does not tell you is what the profits of the branch actually were.

I suppose you're conversant with international corporate tax optimisation schemes, else it's pretty pointless to even start this discussion. If all you're going to do is serve up Wikipedia snippets, I believe Mr. Texaner is your man.
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  #344  
Old 07.10.2008, 18:07
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Re: How Safe is UBS

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Times today
"British savers have been blocked from withdrawing funds from Icesave, the internet savings bank that is owned by Landsbanki, after Iceland’s financial regulator took control of the country's second largest bank."

But it is OK the Russians are coming, maybe?

"The Icelandic central bank said that Russia had agreed to provide Iceland with a €4 billion (£3.1 billion) loan to strengthen foreign reserves and support the Icelandic crown, which fell by 35 per cent on Monday.
Russia said, however, that no decision on the loan had been made."

Marton
I suppose the next move will be for the Chinese to rescue a country?
My previous posts were deleted by an Admin because they were supposedly off-topic according to that particular individual - most sorry an' that, but some of us still retain a sense of humour about life, no matter HOW bad it gets and would like to think others do too at a time like this - so what I posted previously in a somewhat surreal but humorous dada-like manner I now repeat in a stripped-down, straightforward and 'moderator censored' version (believe me, the uncensored version was great - it'll go down in Forum folklore you mark my words! October 14th is next week! Look to the Skies! They're coming! I'm ready! Are you? )

You are spot-on my friend China to the rescue it is! (this article written in December 2006!) It's goodbye Dollar! Hello AMERO and the NAU!
the deal was done a few years ago by Dubya and his cabal behind all our backs and the current global charade a pre-planned piece of economic skullduggery. All part of the PNAC plan. Make of it what you will but it's a fact, albeit a globally supressed one, that will have major consequences for all our futures. Next stop a One World Currency and all military personnel under the control of a One World Government. Nice.

Last edited by The Laundry Man; 07.10.2008 at 18:38.
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  #345  
Old 07.10.2008, 22:03
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Re: How Safe is UBS

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Next stop a One World Currency and all military personnel under the control of a One World Government. Nice.
While travelling in unchartered off topic waters did anybody notice that VW briefly became the highest valued motor manufacturer in the world when their shares hit 452 euro briefly today, now down to 287 - which is still well above the160/200 level they were mostly at this year?
Believed to be due to burnt fingers closing short positions.

Marton
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  #346  
Old 08.10.2008, 00:23
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Re: How Safe is UBS

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While travelling in unchartered off topic waters did anybody notice that VW briefly became the highest valued motor manufacturer in the world when their shares hit 452 euro briefly today, now down to 287 - which is still well above the160/200 level they were mostly at this year?
Believed to be due to burnt fingers closing short positions.

Marton
yes, the wonderful world of modern financial markets..

they were a favorite short stock, and Lehman was apparently the biggest lender of the stock. when Lehman blew up, everybody had to cover, and hence VW's 5 minutes of fame...
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  #347  
Old 08.10.2008, 00:37
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Re: How Safe is UBS

This doesn't really relate to UBS but to the economy in general, I just didn't want to start a new thread.

I was reading the headlines on cnn.com. The #2 story (in terms of popularity) is Fed chief sees crisis heading into 2009. You'd think the #1 most popular story is something even more pressing than this but NO. This is the most popular story, the one that is on everyone's mind as they are losing their homes and jobs:

Esquire names 'Sexiest Woman Alive'

Is it just me or is something wrong with this picture?
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  #348  
Old 08.10.2008, 00:51
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Re: How Safe is UBS

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Esquire names 'Sexiest Woman Alive'

Is it just me or is something wrong with this picture?
There are pictures

Where ??
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  #349  
Old 08.10.2008, 00:55
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Re: How Safe is UBS

We're going offtopic but for your viewing pleasure: http://edition.cnn.com/2008/SHOWBIZ/....ap/index.html

Bet you thought it was Angelina?
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  #350  
Old 08.10.2008, 02:21
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Re: How Safe is UBS

How bad can things get in Switzerland and world in general? If the economy and Swiss banks tank good and proper then can we see riots? Army on the street? Foreigners being attacked and kicked out in hordes? I know we are far from such doomsday scenario but that thought did cross my mind. All the guns don't help either.
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  #351  
Old 08.10.2008, 02:24
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Re: How Safe is UBS

I can see these things happening in some countries in the not so distant future but in Switzerland, not so much. I think that if things do get to this point here, then we're all in big trouble.

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How bad can things get in Switzerland and world in general? If the economy and Swiss banks tank good and proper then can we see riots? Army on the street? Foreigners being attacked and kicked out in hordes? I know we are far from such doomsday scenario but that thought did cross my mind. All the guns don't help either.
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  #352  
Old 08.10.2008, 07:55
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Re: How Safe is UBS

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Care to share the name of a Co that supplies banknote quality paper?
http://www.landqart.ch
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  #353  
Old 08.10.2008, 08:14
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Re: How Safe is UBS

I was reading about Icesave's British customers and boy was it a depressing read. Icesave's British customers number 200,000 and Iceland's total population is 315,000. Lot of money is gong to burn.

That was it for me and the thought of leaving my money in a bank that lost 50 Billion (and counting) was giving me nightmares. I got busy last night and juggled my savings. Felt so strange e-transferring all my hard earned money. Checked the IBAN number 5 times before clicking the send button.


Question- How many days for IBAN transfer to get fully executed within Switzerland?
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  #354  
Old 08.10.2008, 08:28
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Re: How Safe is UBS

British banks to get £50billion 'part nationalisation' today. Barclays, LloydsTSB, RSB ...
http://news.bbc.co.uk/1/hi/in_depth/...ch/default.stm
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  #355  
Old 08.10.2008, 08:33
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Re: How Safe is UBS

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British banks to get £50billion 'part nationalisation' today. Barclays, LloydsTSB, RSB ...
http://news.bbc.co.uk/1/hi/in_depth/...ch/default.stm
Will that make a "clear difference" to UK economy?

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  #356  
Old 08.10.2008, 09:37
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Re: How Safe is UBS

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I was reading about Icesave's British customers and boy was it a depressing read. Icesave's British customers number 200,000 and Iceland's total population is 315,000. Lot of money is gong to burn.

That was it for me and the thought of leaving my money in a bank that lost 50 Billion (and counting) was giving me nightmares. I got busy last night and juggled my savings. Felt so strange e-transferring all my hard earned money. Checked the IBAN number 5 times before clicking the send button.


Question- How many days for IBAN transfer to get fully executed within Switzerland?
IBAN tfrs are quite fast - 3 days should usually be sufficient.

Paul
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  #357  
Old 08.10.2008, 10:40
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Re: How Safe is UBS

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IBAN tfrs are quite fast - 3 days should usually be sufficient.

Paul
And in the meantime UBS have written down those losses and recapitalised as a result so I think a three day time horizon should not give you too much worry.
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  #358  
Old 08.10.2008, 11:38
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Re: How Safe is UBS

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British banks to get £50billion 'part nationalisation' today. Barclays, LloydsTSB, RSB ...
http://news.bbc.co.uk/1/hi/in_depth/...ch/default.stm
Interesting that existing shareholders apparently will not get a vote on the banks issuing new preference shares; or, I assume, the opportunity to participate - other than as tax payers.

BTW, the Russian stock markets are closed again till Friday - I suppose they assume it is part of the new cold war - American banks commit kamikaze to destroy russian shareholder value.

Marton
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Old 08.10.2008, 12:34
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Re: How Safe is UBS

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Interesting that existing shareholders apparently will not get a vote on the banks issuing new preference shares; or, I assume, the opportunity to participate - other than as tax payers.
Marton
Yup. That's why there was such a big sell off in UK bank stocks yesterday after news of this dilution leaked. Pension funds have been big sellers. But my guess is shareholders would rather be diluted than see their bank go under....lesser of two evils.
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  #360  
Old 08.10.2008, 14:18
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Re: How Safe is UBS

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But my guess is shareholders would rather be diluted than see their bank go under....lesser of two evils.
Makes sense.
US Federal Reserve & Bank of England both cut interest rates by 0.5% today, SNB also cut - sounds coordinated they don't usually get up so early in the US?

I guess the ECB won't cut or they would also have coordinated?

UBS shares back to 18CHF but bouncing up again.

UK plans to sue Iceland over "lost" Uk customer bank deposits so that looks like it will take a few years.

Marton
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