Switzerland’s largest bank, UBS, agreed on Sunday to buy its beleaguered and longtime rival Credit Suisse for about $3.2 billion, the most drastic bid yet to arrest the financial panic that has swept the globe over the past week…
The Fed Announces New Bank Stress Tests: Will Look at What Would Happen if a Major Counterparty Defaulted…
Back in the days when we actually had an Office of Financial Research (OFR) (before its funding and staff were gutted) we learned that the Fed was actually conducting its stress tests all wrong…
Former UBS Trader Arrested, Charged With Rigging Gold Prices…
Three years after we first identified the former head of UBS’s gold desk in Zurich as someone directly implicated in the rigging of precious metals prices, Bloomberg reports that Andre Flotron, a Swiss resident, was arrested while visiting the U.S., according to people familiar with the matter…
Meet the Banksters Whistleblower: Lucifer’s Banker (VIDEO & TRANSCRIPT)…
Brad Birkenfield, author of Lucifer’s Banker: The Untold Story of How I Destroyed Swiss Bank Secrecy, recounts the efforts he uncovered by his employer to help its clients cheat the US government out of tens of $billions in taxes. But despite his working with the government closely to expose the gigantic conspiracy between US-based tax […]
Bombshell Dropped in Federal Court: Proof of a Silver Market “Mafia” Among Big Banks…
Lawyers representing traders who allege they were ripped off by a group of colluding global banks filed eye-popping evidence in a Manhattan Federal Court yesterday showing that even as global banks were being criminally probed for rigging currency markets, they continued to engage in rigging the silver market, with a UBS trader referring to the […]
UBS Hit With $18.5M in Damages, Legal Fees, in Puerto Rico Bond Case…
UBS Financial Services Inc. must pay a prominent Puerto Rican businessman and his wife $15.2 million in compensatory damages and interest related to their losses in closed-end Puerto Rico bond funds, a panel of arbitrators at the Financial Industry Regulatory Authority ruled on Friday…
The Forgotten Victims by David Dayen…
Ever since Wall Street bankers cratered the global economy in 2009, federal prosecutors have barely been able to keep up with the unprecedented scale of corporate wrongdoing. Last year, in a series of high-profile settlements, Citicorp, JPMorgan Chase, Barclays, and the Royal Bank of Scotland agreed to…
Pipelines, Poverty and Privilege: the Finances of Judge James Boasberg…
As reported by Democracy Now “Bank of America, HSBC, UBS, Goldman Sachs, Wells Fargo, JPMorgan Chase and other financial institutions have, combined, extended a $3.75 billion credit line to…
Green Party’s Jill Stein Joins Protesters at Standing Rock North Dakota…
DC District Court Judge James E. Boasberg, 53, is set to rule on the fate of the Dakota Access Pipeline on Friday. The clean drinking water of 20,000,000 of his countrymen hangs in the balance…