Custom Search

NEW YORK (MarketWatch) — New York Attorney General Andrew Cuomo on Thursday
filed a lawsuit against Swiss banking giant UBS , alleging that the firm deceived
investors in auction rate securities by telling clients the investments were cash
equivalents. He also claimed senior executives at the firm divested themselves of
$21 million of auction rate securities as the market collapsed, but they
continued to encourage customers to buy them. Cuomo released transcripts of
subpoenaed emails that he said backed up the charges. “Not only is UBS guilty of
committing a flagrant breach of trust between the bank and its customers, its top
executives jumped ship as soon the securities market started to collapse, leaving
thousands of customers holding the bag,” Cuomo said in a press release.

Possibly Related Posts:

• US debt clock runs out of digits —- BBCNews
• US to buy stake in banks; first since Depression
• A Great 2008-2009 Depression
• the fear is still there - doubt it will be gone by monday.
• Quote by Thomas Jefferson “If a Central Bank is ever created in America- Through Inflation and Deflation the “Bankers” will Rob The Americans”

Comments