UBS suspends U.S. fixed income head amid probes: report

UpInArms

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Sat Jul-26-08 05:48 PM
Original message

UBS suspends U.S. fixed income head amid probes: report

Source: Reuters

CHICAGO (Reuters) - Swiss bank UBS AG has suspended David Shulman, head of its U.S. fixed income unit, amid state and federal probes of sales of auction-rate securities, the Wall Street Journal reported on Saturday, citing people familiar with the matter.

A spokesman for Shulman, who was also UBS's global head of municipal securities, said he was cooperating fully with UBS as it works through the matter, the newspaper reported.

On Thursday, New York State Attorney General Andrew Cuomo sued UBS, accusing it of committing a "multi-billion dollar fraud" by steering clients into auction-rate securities that became impossible to sell once the credit market tightened.

<snip>

The lawsuit said at least seven UBS executives dumped $21 million in auction-rate securities that they held in personal accounts as the credit market began showing signs of trouble, and that the bank continued to sell those securities.

Read more: http://www.reuters.com/article/bondsNews/idUSN2643677120080726

see those "free markets" in action!

:sarcasm:

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seemslikeadream

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Sat Jul-26-08 05:58 PM
Response to Original message

1. Don't forget ENRON

Edited on Sat Jul-26-08 06:00 PM by seemslikeadream

UBS is ENRON

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3677438

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Demeter

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Sat Jul-26-08 06:00 PM
Response to Original message

2. "Fixed" Income? I See!

Would they extradict him?

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boomerbust

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Sat Jul-26-08 06:11 PM
Response to Original message

3. Phil and Wendy Gramm

Please appear at the State Department and drop off your passports ASAP.

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SpiralHawk

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Sat Jul-26-08 06:22 PM
Response to Original message

4. "Hmmmm." - Phil "Republicon Chickenhawk" Gramm, McCain intimate

Edited on Sat Jul-26-08 06:22 PM by SpiralHawk

"Our cabal of chickehawk republicon war profiteers 'believes' this is all just a mental recession. Smirk."

- Ex-Sen. Ph-ILL "Yet-ANOTHER-Draft-dodging Republicon" Gramm

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stillcool

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Sat Jul-26-08 08:57 PM
Response to Original message

5. Someone falling on their sword?

http://www.nndb.com/company/509/000098215/

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KaryninMiami

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Sat Jul-26-08 09:11 PM
Response to Original message

6. Is this what Graham meant by "didn't want to be a diversion" for the campaign?

Might this finally get some traction so the world can lean what a horrendous nightmare that man (McShame's key economic advisor) is once and for all?

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