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UBS Executive Indicted By Justice Dept

New York Times | LYNNLEY BROWNING | Posted 05.25.2011 | Business

A senior Swiss executive at the banking giant UBS has been indicted in an investigation of the bank and its offshore private banking services for weal...

Paint McCain a Red-Baiter

Leo W. Gerard | Posted 05.25.2011 | Politics
Leo W. Gerard

The "small government" Bush and Republican Congress increased spending, thus replacing the budget surplus bequeathed them with deficits.

Switzerland To Bail Out UBS

New York Times | Nelson D. Schwartz | Posted 05.25.2011 | Business

PARIS -- Switzerland, a banking redoubt considered until recently to be literally and figuratively above the global financial tumult, succumbed Thursd...

Reading The Pictures: Wall Street Pictures So Stealth, They Haven't Even Drawn A Lipstick Analogy

Michael Shaw | Posted 05.25.2011 | Media
Michael Shaw

2008-09-15-blackmonday2.jpg Finally this morning, the NY Times started putting some visuals to the otherwise invisible Wall Street meltdown and ongoing financial market chicanery.

The Auction Rate Bonds Mess: To the Depths of Depravity and Beyond!

Dan Solin | Posted 05.25.2011 | Business
Dan Solin

There is a fine line that separates the admirable quality of forgiveness from the sad one of being a sucker. When you consider doing business with securities firms, you need to decide which side of that line you are on.

Friday Talking Points [39] -- Republican Elitism Edition

Chris Weigant | Posted 05.25.2011 | Politics
Chris Weigant

For only the fourth (or fifth, depending on how you count) time in his presidency, George W. Bush had a veto overridden by both houses of Congress thi...

Sen. Levin Calls For UBS To Clean Up Or Shut Down Over Tax Evasion

Huffington Post | Posted 05.25.2011 | Business

**UPDATE** The Wall Street Journal reports that UBS will close private-banking operations for U.S. clients: A UBS AG executive told a U.S. Senate pa...

Super Rich Tax Cheats Outed by Bank Clerk

ABC News | Brian Ross and Rhonda Schwartz | Posted 05.25.2011 | Business

Hundreds of super-rich American tax cheats have, in effect, turned themselves in to the IRS after a bank computer technician in the tiny European coun...

Judge Tells Feds They Can Ask For Secret Swiss Banking Info

New York Times | Lynnley Browning | Posted 05.25.2011 | Business

A federal judge on Tuesday cleared the way for prosecutors to force the Swiss banking giant UBS to turn over the names of wealthy clients as part of a...

Ex-UBS Banker Pleads Guilty, Will Help Prosecutors

AP | JESSICA GRESKO | Posted 05.25.2011 | Business

FORT LAUDERDALE, Florida — A former UBS executive has pleaded guilty to helping clients hide hundreds of millions of dollars and evade U.S. taxe...

Wealthy Americans Under Scrutiny in UBS Case

New York Times | LYNNLEY BROWNING | Posted 05.25.2011 | Business

One afternoon in April, six dozen wealthy Americans were entertained at a luncheon party in Midtown Manhattan, along with a special guest from Paris: ...

Swiss Bank Tells Some Employees: Avoid Trips To US

Financial Times | Haig Simonian | Posted 05.25.2011 | Business

UBS has told members of its former private banking team responsible for rich US clients not to travel to America. The Swiss bank has also made lawyer...

Trouble In Paradise: Record Foreclosures In Hamptons

NY Post | Posted 05.25.2011 | Business

Homeowners in the some of the toniest ZIP codes in the Hamptons are facing a frightening reality - they can't afford to foot the bill for their high-p...

UBS Reports $11 Billion In Losses, To Cut 2,600

AP | ERNST E. ABEGG | Posted 05.25.2011 | Business

ZURICH, Switzerland — Swiss bank UBS, hard hit by the U.S. subprime crisis, reported a first-quarter loss of $10.97 billion and said Tuesday it ...

Sports Stars Accuse Investment Advisor Of Gouging Them

Los Angeles Times | Kim Christensen | Posted 05.25.2011 | Business

NBA legend Jerry West, Dodgers third-baseman Nomar Garciaparra and a bevy of other major sports figures have accused their prominent Los Angeles inves...

UBS Will Write Down $19 Billion

AP | ONNA CORAY | Posted 05.25.2011 | Business

ZURICH, Switzerland — UBS AG's chairman abruptly resigned Tuesday as the Swiss bank reported a first-quarter loss of $12.1 billion and said it w...

Bear Stearns Stockholders Socked

Mortgage News Daily | Posted 05.25.2011 | Business

The news wasn't surprising but the price tag was a real stunner. On Sunday J.P. Morgan chase agreed to pay $2 per share to acquire failing Wall Stree...

Is Lehman Next?

CNN/Money | Colin Barr | Posted 05.25.2011 | Business

Lehman Brothers (LEH) may be in for a long day. Shares of the brokerage firm slid 15% in early trading after the firm said it's got enough cash to kee...

UBS Whopped By Fire Sale Talk

MarketWatch | Steve Goldstein | Posted 05.25.2011 | Business

UBS may have sold a portfolio of Alt-A securities worth 25 billion Swiss francs ($24.1 billion), according to an analyst at J.P. Morgan. UBS was "hig...

Wall Street Banks Brace For More Multibillion-Dollar Losses

New York Times | Jenny Anderson | Posted 05.25.2011 | Business

Wall Street banks are bracing for another wave of multibillion-dollar losses as the crisis that began with subprime mortgages spreads through the cred...

Is Obama Good For Business?

BusinessWeek | Eamon Javers | Posted 05.25.2011 | Business

On Sunday, Feb. 10, after he found out he'd won that day's Democratic Presidential primary in Maine, but before his appearance on CBS's 60 Minutes, Se...

Subprimes Push UBS to First Annual Loss

AP | ERNST E. ABEGG | Posted 05.25.2011 | Business

ZURICH, Switzerland — UBS AG on Thursday posted a fourth-quarter net loss of $11.28 billion, and a loss for the entire year, besieged as other b...

UBS To Post Record $11.45 Billion Loss

AP | ELIANE ENGELER | Posted 05.25.2011 | Business

GENEVA — Subprime mortgage woes deepened for Swiss banking giant UBS AG, which Wednesday said it expects a $11.45 billion hit in the fourth quar...

Writedowns Hit $120 Billion

Wall Street Journal | David Gaffen | Posted 05.25.2011 | Business

The admissions of greater-than-expected writedowns from Swiss bank UBS, along with reports out of major Japanese institutions, means the total amount ...

Credit Suisse Shares Fall On Writedown Rumors

Reuters | Posted 05.25.2011 | Business

Shares in Swiss bank Credit Suisse (CSGN.VX) fell by around 3 percent on Monday after a Swiss newspaper reported the bank faced writedowns in its comm...