UBS Tax Case

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betsyross's picture
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The press is reporting today that a tentative agreement has been reached. They expect to "iron out" the specific details and finalize it in about a week.
 

Comments/details...?

Buckeye's picture
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UBS has got to get past the tax news.  Do what you have to do and move on.

betsyross's picture
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Buckeye,
 
Thank you for your comments. However, what this thread is about is information regarding the terms of the agreement. I think everyone at UBS knows we have to move forward. We would like to know what the terms are.
 
All the best,
BetsyRoss
 
 

Buckeye's picture
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Joined: 2009-04-23

You asked for comments and you got comments.
 
As for the details you will have to wait like the rest of us.
-------------------------------

 
In a major break in a massive tax-evasion investigation, UBS AG and the governments of Switzerland and the U.S. have reached a settlement, a Justice Department attorney told a U.S. District Court judge Friday morning.
Stuart Gibson, a Justice Department tax division attorney, didn't detail the settlement in a conference call with Judge Alan Gold that included lawyers for UBS and the Swiss government.
But it is possible that UBS could wind up turning over the identities of thousands of account holders to the U.S. government.
A hearing scheduled for Monday in Miami was postponed until Aug. 10, at which point more details are expected to be released.

NOVA's picture
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i heard it involves two years in prison and lots of chocolates.

BeenThere's picture
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Seriously dude.    What difference will the outcome of the UBS tax case make?
Wake up.   If you work for UBS, your just a dead man walking.

Lew Ashby's picture
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Joined: 2009-01-13

BeenThere wrote:
Seriously dude.    What difference will the outcome of the UBS tax case make?
Wake up.   If you work for UBS, your just a dead man walking.

Not me, fella!  I'm growing despite all the crap at UBS.  And the Swiss bankers can drop dead for all I care.  My business will grow regardless.  And if you think it's bad at UBS, then talk to a 30 year vet who worked at Kidder Peabody or EF Hutton in the 80's.  Or Merrill Lynch during the Tyco scandal (or recently).  Shiite happens man-- It may be a pain in the arse for awhile, but you move on, and if you know what the he11 you're doing, you get stronger as you fight through the muck.
 
"Dead man walking"?  You have no idea the quality that works at UBS, and in my office alone.  My office dominates our market, and our FA's have a good name in the community.  Maybe we're the exception at UBS, but I think not.
 
You're right about one thing-- Life won't be much different at UBS after the tax case settlement.  My clients don't give a rip about the tax case.  They like who they work with and they at worst tolerate the firm at which my team and I reside.
 
Would it be nice if UBS sold us and we brought back the old name?  Damn straight, it would.  But until then, it's business as usual.
 
Have a wonderful weekend! 
 
LA

BeenThere's picture
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Joined: 2009-07-31

Lew,
 
I just want to understand your position. 
 
Please tell me one thing about UBS that you find of quality?
 
Is it the quality UBS management that allowed the big institutional clients to liquidate their ARS, then dumped the same ARS bonds onto retail FA's clients?   While intnetionally keeping the retail FA's in the dark?
 
Or is it the quality UBS management that kept the bad news from Hoekstra for so long that he needed to start a company blog...enabling him to receive the unfiltered truth from the field for the first time?
 
Or is it the same level of quality that has forced UBS to pay the highest signing bonus on the street, 265% of trailing twelve gross commissions, to get brokers from other firms to go to work for them??     
 
No it had to be the quality UBS Global Asset Management funds that blew up in our clients portfolios last year.
 
At least we've got guys in the office that sold their clients UBS's quality structured notes...wait those were backed by Lehman and went to $0.     
 
Oh well.    At least we can say that we are "growing despite all the crap at UBS".     

Lew Ashby's picture
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Joined: 2009-01-13

BeenThere wrote:Lew,
 
I just want to understand your position. 
 
Please tell me one thing about UBS that you find of quality?
 
Is it the quality UBS management that allowed the big institutional clients to liquidate their ARS, then dumped the same ARS bonds onto retail FA's clients?   While intnetionally keeping the retail FA's in the dark?
 
Or is it the quality UBS management that kept the bad news from Hoekstra for so long that he needed to start a company blog...enabling him to receive the unfiltered truth from the field for the first time?
 
Or is it the same level of quality that has forced UBS to pay the highest signing bonus on the street, 265% of trailing twelve gross commissions, to get brokers from other firms to go to work for them??     
 
No it had to be the quality UBS Global Asset Management funds that blew up in our clients portfolios last year.
 
At least we've got guys in the office that sold their clients UBS's quality structured notes...wait those were backed by Lehman and went to $0.     
 
Oh well.    At least we can say that we are "growing despite all the crap at UBS".     

The quality to which I am referring is the quality of FA and staff at UBS.  All those things you said about auction rates, structured products, Global Asset Crap Management-- All true.  And none of that represents the quality I'm talking about.

 
Some of us in my office were burned by the ARS fiasco, and it certainly damaged our business.  But, the same would have happened at ML or any other wire.  And our firm did step up finally and buy the securities from our clients, once our capital base was re-established.  Looking back at 2008, it blows me away that those damn things ended up being one of my clients' best investments for the year.
 
As for LB structured products-- never touched the stuff.  Any structured products in my book are FDIC backed CD's.  Didn't see the auction rate thing coming, but I definitely saw the structured product train wreck coming.
 
We have the highest quality FA's in the business at UBS.  Maybe others are equal to us in that regard, but nobody's better.  Management?  I'm sure we have some good ones in the ranks, but you are right that in many ways they failed us through this, and we deserve better.
 
LA

nobutkissing's picture
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Joined: 2009-07-17

beenthere,
 
bottom line is that at some point YOU need to take responsibility for KNOWING what it is you are placing in your clients' accounts. 
 
If you sold structured notes (for which you where no doubt compensated VERY well!) and ARS without understanding how those instruments/markets work and how your clients will win/lose then it sounds like it was you who drank the UBS kool-aid.

A b's picture
A b
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Joined: 2009-06-04

BeenThere wrote:Lew,
 
I just want to understand your position. 
 
Please tell me one thing about UBS that you find of quality?
 
Is it the quality UBS management that allowed the big institutional clients to liquidate their ARS, then dumped the same ARS bonds onto retail FA's clients?   While intnetionally keeping the retail FA's in the dark?
 
Or is it the quality UBS management that kept the bad news from Hoekstra for so long that he needed to start a company blog...enabling him to receive the unfiltered truth from the field for the first time?
 
Or is it the same level of quality that has forced UBS to pay the highest signing bonus on the street, 265% of trailing twelve gross commissions, to get brokers from other firms to go to work for them??     
 
No it had to be the quality UBS Global Asset Management funds that blew up in our clients portfolios last year.
 
At least we've got guys in the office that sold their clients UBS's quality structured notes...wait those were backed by Lehman and went to $0.     
 
Oh well.    At least we can say that we are "growing despite all the crap at UBS".     
 
couldnt have put it better.
 
there is one thing they did do good.     idiots called the bottom.  UBS idiots sold off prime assets  and people  at the GD bottom.  Almost to the day.  lost a ton of talent
 
hofstra and price.      dumb and dumber

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