UBS Will Fail Soon

Not true. The US was granted access by ubs to 19,000. They have already received 250 "high bracket" US citizens, inherited and earned wealth, who will be indicted in the coming weeks. UBS was granted 'deferred prosectution".

A few hours later, the IRS went to Justice for the 52,000 names, just then discovered. Now, Switzerland, already into UBS for 6 bill cash, and 60 backstopped, said no, because this crosses the line between evasion and fraud (don't understand that myself), and it basically takes the "industry" away from the country.

The 52,000 is in doubt at this time. We already have the 250 names.

 

bump

 

Makes sense. This is a big chess game. The US can achieve most of its same goals just by scaring everyone. Same thing, for example, that the music industry did with suing college students over filesharing mp3's. They tried to decrease the traffic by using the few as an example without literally prosecuting everyone in the country. To a certain extent that worked and the US will achieve some success with this strategy as well.

But I would suspect that nowadays if you label someone a terrorist, you can get information out of almost any country. You just have to keep the percentage of inquires low and you'll get compliance. That's just a guess though...

 

UBS noticeably tanking pre-market: down to 8.60 or so.

And just as noticeable, the CHF is falling against the EUR and GBP

 

Not sure if this has been posted already:

"European Banks: Too Big to Rescue?"

from 16 February

http://seekingalpha.com/article/120721-european-banks-too-big-to-rescue

 

Those numbers are incredible. I don't see how that is possible? It looks like it is saying that some of these banks could quite easily have bad assets that exceed the GDP of their countries???

If so, that is scary poop and I'm heading for the Mosquito Coast...

 

I'm hearing some kind of deal in the works with HSBC. That's like a drunk helping a drug addict home, but these times are just.............. just so special.

 

Why did the US govt wait so long to catch on this obvious scam? Is there something to wait?

Howcome Switzerland is allowed to do this for all that time?

 

Senators and Congressmen have to have somewhere to put their money.

 

Luxembourg attacks UBS over Madoff fund

UBS, the Swiss bank, was accused of “serious failure” by Luxembourg’s financial regulator over its custodianship of a $1.4bn fund that funnelled money into Bernard Madoff’s alleged $50bn “Ponzi” scheme.

The regulator ordered the bank to pay compensation, saying the “poor execution of its due-diligence obligations constitute a serious failure of its surveillance role as a depositary bank.”

FT