Shell Gamed

UBS: Can It Get Any Worse?

You forgot the thousands of angry former customers defrauded by auction-rate security sales, and all of the resulting lawsuits and arbitrations that UBS will lose. And let's not forget the great State of Massachusetts, where Secretary Galvin is now actively prosecuting UBS for fraud in ARS. And there's Attorney General Cuomo in NY, also investigating UBS.

Retail Investors Stuck Holding Auction Rate Securities

Before you say UBS "gets it", let's see the specifics of this "loan" (lending me back the money they stole, for a fee no less). If this is a permanent loan, with no penalty, maybe.

If this were a major breakthrough, don't you think that UBS would be trumpeting it across the media, especially given the public relations bath they've been taking?

I won't believe them until they show me the money. The last time I trusted UBS, I bought money market instruments and ended up with perpetual bonds.