UBS is sitting on losses that could be as high as $350 million stemming from its investment in the Facebook initial public offering, and is preparing legal action against Nasdaq as a result, people familiar with the matter told CNBC.
Memo to Lyle LaMothe: The Die is Cast
Bigger was never better, it just looked like it was.
Hot Links: Rogue Blogger
Your morning financial links, enjoy!
UBS: Apple TV Could Be Worth $100 Billion
Can Apple Suge Knight the entire cable industry with an iTunes-based TV offering?
Of Clearing Firms and Custodians
In my piece today at the Wall Street Journal, I look at the recent blow up at Penson Worldwide and get into some these issues.
Hot Links: NFL Injuries, Bill Miller's "Comeback" & the Second Depression
Hot Links for Morning Reading… Thanks to The Pragmatic Capitalist for taking on that Barron’s Bill Miller piece. You’re exactly right. (PragCap) The Thomas Palley Second Great Depression piece everyone will be talking about today. (FT) Big Story: How the online shopping monster can kill the recovery. (NYP) Fire sale at Blackstone: Up to 8…
You and Us. (*unless things get ugly, then you're on your own)
One of the more curious features of the wealth management business over the last few years was the unfair competitive advantage that some firms had over others because of their innate ability to offer tax-evasion-as-a-service to high net worth investors as a selling point. It’s nice to hear that someone out there in Governmentland actually cares……
Breakfast Links: Madoff, Google and Swiss Banking
Breakfast Links for June 29, 2009 It looks like the Suisse banks may have had enough in the US: UBS AG and Credit Suisse Group AG, the country’s biggest banks, have told Americans to move their money into specially created units registered in the U.S., or lose their accounts. Smaller private banks such as Geneva-based…
UBS: "Selling Tax Evasion as a Service"
From Bloomberg: Under threat of prosecution, UBS in February agreed to turn over about 250 names of Americans suspected of tax fraud. We’ve discussed this matter on TRB before, but frankly the longer this thing festers, the more it’s gonna piss me off. UBS has this enormous “Wealth Management” business here in the US and…
Tax Evasion Central Cutting PaineWebber Brokers
How does a big Swiss bank built on stolen Nazi gold, hidden money from African and Middle Eastern despots and un-taxed lucre from wealthy Americans with cross-border connections react to yet another multi-billion dollar quarterly loss? That’s easy! It fires stockbrokers. From the Financial Times: 2,500 will go in wealth management Americas, the former PaineWebber…