Displayed below are three pictures of the same velvet painting entitled Ride The Storm. The first photo of the painting was taken on August 11, 2007 when massive market storms took root. The second photo was taken August 3, 2008. The third photo was taken last weekend: April 17, 2010. The obvious physical change in
UBS
Latest news from Bloomberg on bringing more transparency to the credit default swaps market: Wall Street banks including JPMorgan Chase & Co., Goldman Sachs Group Inc. and UBS AG will for the first time offer hedge-fund customers protection by backing credit-default swap trades with clearinghouses by Dec. 15. The dealers also committed to report all
I really do know my son is boning up for the SAT when I heard him yell at his sister, “You defalcated my allowance!” “What does that mean?” “Look it up, bright one” he replied. Defalcate: to steal or misuse money or property entrusted to one’s care. A timely word, given what is happening out
With the credit crisis almost extincting the investment banking industry, Morgan Stanley who only managed to save themselves by converting to a commercial bank, is but 1 firm with execs forgoing 2008 bonuses: Morgan Stanley unveiled plans to revise compensation practices and said Chief Executive Officer John Mack and Co-Presidents Walid Chammah and James Gorman
Fixed and ARM rates for loans up to $729k are even since last week, ending several weeks of .5% price swings. Rates on loans from $729k to $1m are also about even. Rates on loans above $1m are not shown below because that pricing is truly custom based on client profiles. Only a few lenders
Swiss weekly Sonntag reports that UBS will freeze bonus payments for three years and allow shareholders to approve manager pay packages. An official announcement from UBS on the terms of their revised compensation structure is expected Monday, with a full briefing for shareholders to follow on November 27. Since summer 2007 when they shut down
UBS and its predecessor organizations have a long and global reputation for safeguarding the assets of the world’s wealthy people and entities. Now that the bank is buckling under the weight of its $48 billion in write downs so far this year, the Swiss government clearly recognizes how importance of keeping UBS alive and will
UBS was a pioneer in the post-Glass Steagall world, being one of the largest firms to successfully combine banking, investment banking, wealth management and money management operations. This all happened around 2000, one year after the Gramm-Leach-Bliley Act repealed Glass Steagall in 1999. You & Us was the ubiquitous tagline to mark the era. An
The troubles at UBS are well documented, but most public discussion has been about the Investment Banking (formerly Warburg) and Wealth Management (formerly Paine Webber) divisions. The Global Asset Management division (formerly Brinson Partners) was mostly under news radar as the business side of the division slowly took over the investment side during the past
In its take on UBS and the general malaise of Swiss banking, the Economist this week said that even though predators may be circling to grab opportunities in any breakup, the “generally sorry state of its industry” may be its saving grace as “few would-be buyers have the ready cash for such a large deal.”
Today, the Wall Street Journal ran their latest round up of UBS woes. But it wasn’t so much the story itself that’s news but the checklist they ran in their print edition on the cover of the Money and Investing section. The checklist pretty much sums it all up. This is what is before new
Retuers reported Friday that UBS might sell Paine Webber after a review that investment bank Lazard, whose chief Bruce Wasserstein also advised it on its acquisition of Paine Webber in 2000, is conducting between now and October. Back then, UBS had just finished integrating money management operations into one single Global Asset Management division by
Tonight MSNBC reported that former Senator Phil Gramm, campaign co-chair for presidential hopeful John McCain, was working for for UBS AG and against proposed foreclosure legislation that would help troubled homeowners keep their homes. Gramm officially joined the McCain campaign on March 12, 2007… but as early as October, 2006, RealClearPolitics reported that McCain was
The Cleveland Fed recently published a good article on Treasury versus mortgage rate spreads. It has some excellent graphs explaining why sometimes Treasury rates don’t matter any longer. Plus, it isn’t too long, and makes sense. UBS said that it plans to cut 5,500 jobs and sell a $15 billion chunk of its risky mortgage
Does $5 billion buy you the right to shutter Washington Mutual’s broker business? You bet it does. It buys you the right to tell Washington Mutual to eliminate the business channel by May 31st (loans must lock by tomorrow, and most loans must fund by June 13th). WaMu announced yesterday to their employees that they
Last July, UBS CEO Peter Wuffli was ousted after a subprime hedge fund failure at the bank. Today, UBS chairman Marcel Ospel is also out following a $12 billion loss. The losses come from a fresh $19 billion writedown on debt securities, bringing the total to about $38 billion since 3Q2007. For some perspective on
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