UBS AG (UBS)

All Comments on UBS

  • commenter
    notsosmart
    Aug 11 04:41 PM
    My Website
    The Mortgage Crisis Brings Unexpected Neighbors [view article]
    many years ago a place called "lefrak city" in queens,ny, was ruined quickly because the courts forced them to rent their large 3 bedroom apts to the welfare crowd.i was one of the first people in this developement.it went downhill very quickly.i got out & moved toct.this is what will happen to these neighborhoods & since they were bought so cheaply,no owner occupied,dubai or abu dhabi wont care.i feel sorry for the middleclass,decent folks who still live there. Reply
  • commenter
    L.A.sunny
    Aug 11 03:30 PM
    Wall Street Breakfast: Must-Know News [view article]
    Re: Citi to buy back Auction Rate Securities;
    For folks who bought these through "Smith Barney" as a "Van Kampen" product It would be nice to know if these are included, since Smith Barney seems to be owned by Citi. Thanks     Reply
  • commenter
    Michael
    Steinberg
    Aug 11 03:21 PM
    My Website
    Auction Rate Securities: Who's To Blame? [view article]
    Investors are beginning to benefit from the attorneys general action, and I hope all investors find liquidity. But, keep in mind that government action did not start until certain public financings defaulted to near 20% interest rates in failed auctions. The default rates kick in when the auctions fail. The attorneys general are not totally altruistic; they stepped in to protect state and local governments, and agencies such as Port Authority of New York and New Jersey. Remember also that previous New York governor and the still present insurance commissioner were only concerned about the monolines effect on public finance.

    Investors were defrauded during the dot-com bust with little recovery. The government entities collected the fines for themselves. It is extremely important to understand that recalling ARS benefits the issuing governmental agencies, so they don’t have to pay the high default rates. Other ARS got to go along for the ride. Now the attorneys general want to appear righteous in helping small investors and charities.

    As for additional disclosure, I never even heard about ARS before the crisis. Then I wanted to understand the mechanics of the product.     Reply
  • commenter
    Serge
    Birbrair
    Aug 11 01:39 PM
    My Website
    Auction Rate Securities: Who's To Blame? [view article]
    Michael Steinberg, Cuomo, who is indeed very sympathetic to the banks and not investors, per your story,
    invites more bankers to settle with investors he has no sympathy for, according to your fairy tale.
    For your reading pleasure:
    www.bloomberg.com/apps...

    I hope you don't have anything against real journalists who do their due diligence.     Reply
  • commenter
    Mikaele
    Aug 11 01:28 PM
    Auction Rate Securities: Who's To Blame? [view article]
    I asked all the questions you claim I was to lazy or greedy to ask and was told,
    this is cash equiv and totally secure from a FA I have known for years.
    What you wrote sounds like you have only heard about one side.
    Your side! Please research more and write it over.     Reply
  • commenter
    iThinkBig
    Aug 11 12:55 PM
    My Website
    UBS Private Banking Inflows Cease [view article]
    It is not illegal for Washington politicians to receive inside information that many only dream of getting. It is not illegal to make there own investments. Is it surprising to see Washington politicians legislating into there own pocket books? Both parties are prone to this, I am getting tired of seeing it's all the Republicans fault here on Seeking Alpha. I assumed that most of you don't fall for the massive investment the Democrats made in media (propoganda for the masses) in the mid nineties and never stopped. Read between the lines if you want to make money in the next four years. Washington must change and many of us must serve, if not in this election then in 2012. That is, if we care about our kids and grandkids future in this nation. Educating and public service is the new philanthropy. Good luck to all you gentleman and ladies. Reply
  • commenter
    morethanmeet
    sthei
    Aug 11 10:51 AM
    The Mortgage Crisis Brings Unexpected Neighbors [view article]
    mortgage crisis? what mortgage crisis? oh, the wall street weasels who bundled unsecured paper as securities w/ AAAAAAAAAA-ratings and sold them to trusting souls? ETFs, ARS', ... the list of greed instruments is endless. But don't worry, the u.s. taxpayer wants wall street to succeed so much (that's what paulson said, but he may have been talking in his sleep...) that a little up-tick or two in the incremental tax rate will hardly be noticed. i particularly laugh at some of the green funds who EPS look like the new york times...this is the next big scam on the street. perhaps they will track these funds in the "Gorex"...as i've said in other posts, you really have to marvel at the perverse beauty of these guys hiding in plain sight... Reply
  • commenter
    Willi
    Aug 11 10:46 AM
    Auction Rate Securities: Who's To Blame? [view article]
    I also purchased ARS's. I purchased them when I transferred money from a bank money market to AG Edwards. I asked my broker about money market rates and he suggested a SLAR because they pay a slightly higher interest rate. This set up no red flag because the rate was just a small amount higher than their money market. He also told me I would have "immediate illiquidity" which was true at the tine because if I sold, Edwards would immediately credit my account and carry the SLARs on their books until the next auction. This whole transaction was handled through emails, no written materials were supplied, and nothing was signed. Less paper work than opening a money market account.

    After the auctions started failing and I asked for a prospectus, my local office didn't have one and it took two weeks for the main office to get me a copy. And a copy it was - 200 pages off a copy machine. Not even a normal prospectus.

    Part of the blame for this needs to be placed on the SEC, IMO. In 2006 when they examined ARS auction fraud and fined a number of brokerages, they knew of the "auction" problems and the risks but still chose to allow the brokerages to sell these without providing any written disclaimers, prospectus etc. However, this doesn't excuse the fraud perpetrated by the brokerages in selling these as "money market equivalents", "totally liquid", etc. when they knew this wasn't true.

    Edwards/Wachovia still hasn't announced any redemption and I'm still waiting for liquidity in my "totally liquid" SLARs.

    Willi     Reply
  • commenter
    buyitcheap
    Aug 11 10:23 AM
    UBS Private Banking Inflows Cease [view article]
    There may also be a reorganization within UBS to the "kinda-private&qu... banking unit. This would bode well for the smaller private Swiss banks who still know how to keep a secret. Reply
  • commenter
    john s.
    gordon
    Aug 11 09:19 AM
    No Happy Ending for Auction Rate Securities Mess - Barron's [view article]
    no point in impeaching bush/cheney, the voters are already taking care of that.

    glass/steagal (1935) knew what they were doing. it/s a shame the present batch of speculators/crooks got their way.
    > jack     Reply
  • commenter
    barnburner
    Aug 11 09:10 AM
    No Happy Ending for Auction Rate Securities Mess - Barron's [view article]
    Well, maybe I paraphrased what sebiamo said. Reply
  • commenter
    barnburner
    Aug 11 09:09 AM
    No Happy Ending for Auction Rate Securities Mess - Barron's [view article]
    sebiamo, great post. It really pisses me off to see these investment bank (an other) CEOs leave the company on the brink of bankruptcy and walk away with a golden parachute and a million dollar bonus. As you said, if we are going to be put in the position of having to bail these bastards out then the least that we can expect is oversight and regulation with teeth-like jail terms and restitution for the investor Reply
  • commenter
    neeb??
    Aug 11 09:02 AM
    The Mortgage Crisis Brings Unexpected Neighbors [view article]
    I guess if one has reached the point of no return (in a quite literal sense) then you do what you gotta do. The problem now is that I don't see a way out of that kind of situation. If one has tenants that are AT LEAST WILLING to maintain the property to a standard in that neighbourhood then by all means go at it BUT like you say it probably won't. Watch out for grow-ops and/or meth labs next.Some areas here in London, ON had precisely that happen to them because of No Doc type mortgages. Reply
  • commenter
    Serge
    Birbrair
    Aug 11 07:47 AM
    My Website
    Auction Rate Securities: Who's To Blame? [view article]
    Michael Steinberg, do you have proof that Attorney Generals have no sympathy for investors or is it hearsay? I don't want to be "lolled into complacency" and I am questioning your expertise on the subject.

    How could investor know that investor was buying the long term bond when no prospectuses were offered and the only information investor could rely upon were:
    words of their brokers
    published materials by brokerage companies telling them that the investment was "Cash Alternative"?

    I appreciate your Monday Quarterbacking, but I see no substance in your post whatsoever.

    There is a poll going on if you are incompetent or just enjoy your pontifications, stay tuned, we'll know by the end of the day from investors.
    nothingcontroversial.c...

    Have a nice day and do me a favor, do some due diligence before you write your next "well informed" opinion.

    P.S. when you get the proof about the alleged positions of AG's we, the investors, are in the constant contacts with - please feel free to post them here for all to see how right you were.

    All - this will be a very long wait, bring your pop corn and folding chairs.     Reply
  • commenter
    mugged2two1
    Aug 11 12:21 AM
    The Auction-Rate Security Mess: Read the Writing on the Wall [view article]
    Opps .... caught robbing a bank...
    SEC would say... Oh you have to give the money back...
    but we won't ask you to admit guilt or any thing like that.

    And for UBS, etc... no letting you get your money out....
    What about DAMAGES.... I and many others, lost alot of time, sleep
    and worry over this. After being lied to so badly by UBS, how could we be assured that We would ever see any of our money.

    Punitive damages should be awarded.
    Brokerage Houses.. Officers should go to JAIL.
    Reply

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