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  #1121  
Old 12.07.2009, 15:05
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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Surely the UBS staff just need to shred the paperwork, format the hard drives and vacate the offices.
This is surely what the UBS want as there is no point in having offices in the USA. Forced closure would probably reduce their severance and redundancy payments and put them on the USA government.
-
Heard that the HSBC closed most US offices and only keeps open an office in NYC. I expect that more European banks will follow this lead. The UBS even may have to close down all USA offices and get out in full.
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  #1122  
Old 12.07.2009, 15:27
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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Surely the UBS staff just need to shred the paperwork, format the hard drives and vacate the offices.
This is surely what the UBS want as there is no point in having offices in the USA. Forced closure would probably reduce their severance and redundancy payments and put them on the USA government.
If UBS are smart (I like to think they are) all the confidential data is on Swiss computers. US employees can access on a need-to-know basis and that plug can be pulled in seconds.
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  #1123  
Old 12.07.2009, 15:30
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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If they shred enough of the nuclear documents will conditions ease for UBS- or is my mention of a connection totally in La-La land?

http://www.swissinfo.ch/eng/front/Co...46746000&ty=st
I, too, suspect a link between Tinner and UBS. Tinner is a pointer to the US Government that there are many common interests and antagonizing the Swiss can be counterproductive.
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  #1124  
Old 12.07.2009, 16:12
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

I think that Obama just wants a cleaning of the slate with the CIA. Also he is after a reduction in nukleear armaments, so it would be better not to have embarrassing stuff hanging out there.
It isn't just the Swiss banks that are being chased, look at any off-shore banks. The Swiss are just too da*n useful for US. They are excellent mediators; part of the reason they are in this position is because the leaders of many so called 'rougue or former rougue states' keep their money in Swiss banks.
The 'Madoff' types have to pay though. No more clandestine dealings on fancy yachts. So says Hoppy your wanna-be off-shore millionairess, the nearest I'll get to a yacht is a dinghy! Incidentally , where did Tinner and AQ Khan bank- South African standard banks next?

Quote:
When the South African Reserve Bank decided to hold Swiss Bank investment from a popular equity issue in the country, unless the beneficial owners of the funds disclosed themselves, Fritz Leutweiler, the then President of the Swiss National Bank flew to see the South African Reserve Bank Governor and said to him, unless these funds were released to the investment or allowed to be repatriated, there would be no more Swiss investment in South Africa whatsoever. The funds were released that day.
http://www.financialsense.com/editor...2009/0306.html

Still it would be nice to see UBS rescued from the clutches of hell on Monday.

Last edited by hoppy; 12.07.2009 at 16:23.
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  #1125  
Old 12.07.2009, 18:13
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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It's not all bad new for UBS employees - well, not the ones at the top who made the stupid trades anway. The plebs doing the donkey work will be the ones who take the hit
There must be a reason if plebs are plebs. All the biggest corporations give bonuses to the higher ranks while employing the lowest grind workers as human shields during rough times. There must be a reason for this. Compensating every employee equally is simply not a winning strategy.
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  #1126  
Old 13.07.2009, 13:38
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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Surely the UBS staff just need to shred the paperwork, format the hard drives and vacate the offices.
This is surely what the UBS want as there is no point in having offices in the USA. Forced closure would probably reduce their severance and redundancy payments and put them on the USA government.

ummm... ever heard of Arthur Andersen ???
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  #1127  
Old 13.07.2009, 14:50
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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Surely the UBS staff just need to shred the paperwork, format the hard drives and vacate the offices.
This is surely what the UBS want as there is no point in having offices in the USA. Forced closure would probably reduce their severance and redundancy payments and put them on the USA government.
That is what the "Nat West three" thought until they were deported from the UK to the US to face Enron charges.
Using what I personally thought was an abuse of the laws introduced to fast track suspected terrorists.
Like Nat West , the FBI probably have a lot of interesting UBS emails in the cupboard.

Marton
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  #1128  
Old 13.07.2009, 15:00
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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That is what the "Nat West three" thought until they were deported from the UK to the US to face Enron charges.
Using what I personally thought was an abuse of the laws introduced to fast track suspected terrorists.
Like Nat West , the FBI probably have a lot of interesting UBS emails in the cupboard.

Marton
In regards to that, I wonder whom they will charge and if Switzerland will deliver the people responsible for those meetings to have money hidden off-shore (the 007 Bankers/consultants).. the few managers they held (or still hold?) may be just the tipp of the iceberg...
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  #1129  
Old 13.07.2009, 15:19
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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In regards to that, I wonder whom they will charge and if Switzerland will deliver the people responsible for those meetings to have money hidden off-shore (the 007 Bankers/consultants).. the few managers they held (or still hold?) may be just the tipp of the iceberg...
Well Switzerland signed more or less the same agreements/laws introduced to fast track suspected terrorists.
& leaving UBS is no protection, the Nat West three were long gone from Nat West when they were charged & later deported.

Marton
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  #1130  
Old 13.07.2009, 21:35
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

Not as much as I was hoping but:

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UBS rose 40 centimes, or 3.1 percent, to 13.03 Swiss francs at 4:24 p.m. in Zurich trading.
http://www.bloomberg.com/apps/news?p...d=asxVLIb8TphE

OOOh I'm so good ...I feel good... I feel good. ( Donna Summer)
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  #1131  
Old 14.07.2009, 13:55
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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Not as much as I was hoping but:

http://www.bloomberg.com/apps/news?p...d=asxVLIb8TphE

OOOh I'm so good ...I feel good... I feel good. ( Donna Summer)
I have a bad feeling that this USA/UBS/Swiss Govt. discussion will end with UBS paying a large fine & losing yet another big chunk of their customers. None of that is likely to be good for the share price especially as their underlying business has yet to publish black numbers.

Meanwhile the Swiss Franc has again slid up against the euro since the last "intervention" & the 3 month Swiss Libor rate fell nearly 10% in the last month to 0.37. I have no clue where this is going.... Shurely these are contra indicators? - Although I do remember the SNB saying something like the Libor target is 0.25, or in a range of, or...

Marton
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  #1132  
Old 14.07.2009, 16:51
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

From Today's FT
"Goldman Sachs reported earnings of $3.4bn for the second quarter, driven by record revenues of $13.8bn. The firm, which paid back $10bn in taxpayer funds to the US government last month, earned $4.93 per share for the quarter, up from $4.58 a year ago and $3.93 for the previous quarter.

Had it not been for a $426m dividend payment made in connection with the repayment of government funds, Goldman would have earned $5.71 per share for the quarter
."

Shares hovering around $149 today; wish I had bought at their lows $50/$52

Marton
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  #1133  
Old 14.07.2009, 20:58
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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The Swiss government has forbidden wealth management giant UBS to hand over client information to the United States tax authorities.
http://www.swissinfo.ch/eng/news_dig...78905000&ty=nd

Yeh, right! Timing? It might boost confidence till Aug 4th when they announce the trunaround program and 2Q results.
At least you don't have Sulzer shares! http://www.swissinfo.ch/eng/news_dig...53569000&ty=nd

I thought that low interest rates helped people repay loans, and I guess that the banks need people to keep repaying their loans. If the franc is low Swiss loans to foreign countries are easier to repay.

I don't understand finance.
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  #1134  
Old 15.07.2009, 02:26
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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“The IRS investigation has peeled back decades of Swiss secrecy, detailing how UBS recruited clients in Miami and how UBS used a secret email code—the color orange for Euros, green for dollars–to discuss transactions. An amount of one million was called a `swan.’”

http://blogs.wsj.com/law/2009/07/14/...e-in-ubs-case/

I guess for many it will be their 'Swan Song'

The silver Swan, who living had no Note,when Death approached, unlocked her silent throat.thus sang her first and last, and sang no more:"More Geese than Swans now live, more Fools than Wise."( adulterated Tennyson by Hoppy jealous 'cos she never had enough Swans to play with)

On a more serious 'note' from the same report:

Quote:
Also, USA Today had this story saying that Credit Suisse and HSBC–hoping to avoid a UBS situation–in recent weeks have notified American clients they must close their offshore accounts or transfer them to the institutions’ U.S.-based operations, where tax reporting requirements are far stricter.
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  #1135  
Old 16.07.2009, 14:20
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

Form CNN "JPMorgan Chase once again proved that it has been one of the better-run banks during the financial crisis after reporting quarterly results that blew past Wall Street estimates. The company said today that profits in the second quarter rose 36% from a year ago to $2.7 billion, or 28 cents a share. Consensus analyst estimates were for the company to book a profit of $280 million, or just 4 cents a share."


Now we just have to wait until Aug 4th to see if UBS will also be one of the better run banks - the fact that it takes 3 weeks longer for UBS to publish their 2nd quarter results should not be taken as a pointer to better-run or not.

Marton
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  #1136  
Old 20.07.2009, 16:38
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

on a related note, did anyone watch Paulson's Conressional testimony?

the man was a disgrace... naturally he couldn't remember anything useful, hemmed and hawed all the time, never answered a question straight, and basically came away looking like a liar who couldn't even lie very well.

I was actually amazed how openly some of the legislators accused him of dishonesty and how shamelessly he refused to take the bait...

Bernanke a few weeks ago was uncovincing when it came to the BofA-Merrill story, but came across as sincere at least.

it is clear that Lehman and Bear and BofA-Merrill had more to do with backroom deals than any financial logic.
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  #1137  
Old 27.07.2009, 12:05
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

And next
"The International Monetary Fund estimates that of US consumer debt totalling $1,914bn, about 14 per cent will turn sour" say 300Bn?
&
"Lenders in Europe bracing themselves for a rising wave of consumer debt defaults as the credit card (CC) crisis that has caused billions of dollars in losses among US banks spreads across the Atlantic."

Just as we were looking at green shoots?
Does anybody have views on likely size of European CC debts?

Marton


Marton
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  #1138  
Old 27.07.2009, 20:11
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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And next
"The International Monetary Fund estimates that of US consumer debt totalling $1,914bn, about 14 per cent will turn sour" say 300Bn?
&
"Lenders in Europe bracing themselves for a rising wave of consumer debt defaults as the credit card (CC) crisis that has caused billions of dollars in losses among US banks spreads across the Atlantic."

Just as we were looking at green shoots?
Does anybody have views on likely size of European CC debts?

Marton


Marton

Europe to lose £100bn in credit card debt, say reports


Europe braced for credit card defaults

Europe braced for rising credit card defaults


How the cards are cut
- look for the graph a few screens down.

Some of the above refer to something the IMF said, but like all good journalists today, the sources aren't referenced. I searched in vain at imf.org for something but I couldn't find what I was looking for.
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  #1139  
Old 27.07.2009, 20:13
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

I should have added

"It is a sad blow for the Longfellows. But multiply one family’s debts by the millions of people across the world who are in an even worse state, losing jobs and homes, and the scale of the problem is clear. Estimates from the International Monetary Fund say that of US consumer debt totalling $1,914bn (£1,166bn, €1,346bn), 14 per cent will turn bad. For Europe, it expects 7 per cent of the $2,467bn of consumer debt will be lost, with much of that falling in the UK, the continent’s biggest nation of borrowers."
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  #1140  
Old 27.07.2009, 21:12
hoppy
 
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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And next
"The International Monetary Fund estimates that of US consumer debt totalling $1,914bn, about 14 per cent will turn sour" say 300Bn?
&
"Lenders in Europe bracing themselves for a rising wave of consumer debt defaults as the credit card (CC) crisis that has caused billions of dollars in losses among US banks spreads across the Atlantic."

Just as we were looking at green shoots?
Does anybody have views on likely size of European CC debts?

Marton


Marton
So are you cashing your UBS shares next week? Isn't August 3rd D-day after everyone has been allowed to celebrated Erste August in relative trnaquility?
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