If all wasn’t already bad enough for the beleaguered UBS, things are now starting to get serious. Facing prosecution in the US for various charges of aiding tax fraud the US authorities also threw in a charge of fraudulently selling auction-rate securities.
UBS is close to resolving those claims and may make a promise to [...] Read Full Story
The SEC alleges that Julian Tzolov and Eric Butler misled customers into believing that auction rate securities being purchased in their accounts were backed by federally guaranteed student loans and...
This is a mere summary. Go to http://www.backgroundnow.com/blog for the real deal.
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The bank falsely sold and marketed the instruments as safe, highly liquid, and cash-equivalent securities, New York's Attorney General Andrew Cuomo alleges.
Stephen Taub CFO.com | US July 24, 2008
New York Attorney General Andrew M. Cuomo filed a lawsuit on Thursday charging UBS Securities LLC and UBS Financial Services with using deceptive tactics to market auction-rate-securities.
Cuomo alleged that UBS falsely sold and marketed the controversial commercial paper as safe, highly... Read Full Story
New York's Attorney General, Citi says it is working with regulators to find a solution to the auction-rate securities fiasco.
Stephen Taub and Marie Leone CFO.com | US August 1, 2008
Responding to accusations from the New York State Attorney General Andrew Cuomo's office that it duped clients into buying illiquid auction-rate securities, Citigroup said that it "acted in good faith and in the best interests of our clients, and there is simply no basis for claims to the contrary."
The... Read Full Story
A look at the various ways companies are dealing with the financial joke that is auction-rate securities. Tim Reason
- CFO.com | Europe September 12, 2008
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Could there possibly be a stranger financial reporting conundrum than auction-rate securities?
A year ago, they were simple: Most companies recorded auction-rate securities as cash equivalents on their balance sheets. End of story.
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Quick, name a big bank that isn't being investigated or sued over auction-rate securities. Stephen Taub CFO.com | US August 8, 2008
The freezing of the auction-rate securities market — and the resulting regulatory response — is fast becoming the crisis of the day for the large global financial services companies.
In just the last few days, a number of banking giants blinked first in their showdowns with regulators and agreed to plunk down fines and huge sums to buy back the securities... Read Full Story
By Joseph Devine Amid the ongoing crisis in the auction rate securities (ARS) market, complicated information about investment banks, investment firms, and broker-dealers is easily available, while information on the basics of the auction rate securities market is surprisingly scarce. For many people, coverage of the ARS market collapse is more confusing than helpful. Without details as to how the auction rate system works, why these securities were attractive, and the factors which... Read Full Story
Wikizines are interactive magazines that anyone can create or edit - and this one is called "Adesa Impact". Here you can find fresh voices and respond in real time. Some members write articles about recent news and trends related to the wikizine's topic, others recount relevant personal stories or share their favorite pictures and video clips. Got an interesting idea or story to share with other members of this wikizine? Well, then put on your journalist's cap and add your own article! This... Read Full Story
