Secretary of the Commonwealth of Massachusetts, subpoenaed documents
from some major market participants. Thursday, he released materials
produced by UBS and filed a civil suit against the firm, accusing it of
defrauding investors.
William F. Galvin, subpoenaed documents from some major market participants. Thursday, he
released materials produced by UBS and filed a civil suit against the
firm, accusing it of defrauding investors.
The complaint says UBS misled investors by peddling auction-rate securities
as cash equivalents and ultrasafe. But the suit also asserts that UBS
dumped these securities on individual investors to minimize its own
exposure to the risks inherent in keeping them on its own books.
E-mail messages attached to the Massachusetts
complaint support Mr. Galvin’s accusations in stunning black and white.
The problem UBS faces began in August, when the credit markets seized.
Corporations — which are big buyers of auction-rate securities because
of their slightly-higher-than-money-market yields — were beginning to
sell. New buyers had to be found or UBS, as underwriter and auction
manager, would be stuck with the securities. The firm was going into
shell shock because of losses from subprime mortgages on its books, so
it needed to find a way out of the auction-rate mess.
It's good to hear stories of heros in government fighting for us amid the increasing stories of families ending up on the streets. But as much credit has to go to the people who wrote in and gave him grounds to proceed.
If you feel you have been defrauded you need to act on your own behalf. The few people in positions to help with the will to do so can not proceed unless you tell them what happened. It's not good enough to fill out form letters, tell your story. Perhaps the secretary of your state is a good place to start.
More than a few people suspect that UBS is only the tip of the iceberg as this $300 billion dollar market began to seize after the sub prime bomb and big money pulled out individual investors of both modest and substantial wealth where left holding the bag. The potential for wide spread fraud and the need to investigate may stand as a turning point pivotal for a rebuilding of confidence in this nations money train.
With so many families being destroyed while our government props up the institutions that created the mess. we perhaps have a moral obligation to look as well, because every big brokerage firm that participated in this market is both underwriters of the securities and managers of
the auctions that set their prices.
This is not just about politics and high finances. It's about the untold lives destroyed by a system with no solid foundation and the greed of so few.
from some major market participants. Thursday, he released materials
produced by UBS and filed a civil suit against the firm, accusing it of
defrauding investors.
William F. Galvin, subpoenaed documents from some major market participants. Thursday, he
released materials produced by UBS and filed a civil suit against the
firm, accusing it of defrauding investors.
The complaint says UBS misled investors by peddling auction-rate securities
as cash equivalents and ultrasafe. But the suit also asserts that UBS
dumped these securities on individual investors to minimize its own
exposure to the risks inherent in keeping them on its own books.
E-mail messages attached to the Massachusetts
complaint support Mr. Galvin’s accusations in stunning black and white.
The problem UBS faces began in August, when the credit markets seized.
Corporations — which are big buyers of auction-rate securities because
of their slightly-higher-than-money-market yields — were beginning to
sell. New buyers had to be found or UBS, as underwriter and auction
manager, would be stuck with the securities. The firm was going into
shell shock because of losses from subprime mortgages on its books, so
it needed to find a way out of the auction-rate mess.
It's good to hear stories of heros in government fighting for us amid the increasing stories of families ending up on the streets. But as much credit has to go to the people who wrote in and gave him grounds to proceed.
If you feel you have been defrauded you need to act on your own behalf. The few people in positions to help with the will to do so can not proceed unless you tell them what happened. It's not good enough to fill out form letters, tell your story. Perhaps the secretary of your state is a good place to start.
More than a few people suspect that UBS is only the tip of the iceberg as this $300 billion dollar market began to seize after the sub prime bomb and big money pulled out individual investors of both modest and substantial wealth where left holding the bag. The potential for wide spread fraud and the need to investigate may stand as a turning point pivotal for a rebuilding of confidence in this nations money train.
With so many families being destroyed while our government props up the institutions that created the mess. we perhaps have a moral obligation to look as well, because every big brokerage firm that participated in this market is both underwriters of the securities and managers of
the auctions that set their prices.
This is not just about politics and high finances. It's about the untold lives destroyed by a system with no solid foundation and the greed of so few.
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