Issue 03
WILL UBS LOOSE ITS US LICENSE?
ABC News reports: “In court documents, federal prosecutors say UBS bankers helped set up many of the secret accounts in Liechtenstein and, overall, hid as much $20 billion belonging to US citizens. … UBS is extremely vulnerable to losing their license in the US.” C1 Considering the contents of this newsletter as well as investigations of Federal Prosecutors, we cannot see how UBS will be allowed to do business within the United States. We can see only massive donations to Washington political operatives will resuscitate UBS international banking within the US.
IS UBS AGRESSIVELY TARGETING US SENIOR CITIZENS WITH MENTALLY DEGENERATIVE DISEASES?
UBS aggressively solicited and successfully enrolled a UBS Client senior citizen domiciled in Palm Beach, Florida. It is alleged UBS purposely confuses senior citizens by manipulating between UBS Bank, UBS USA, UBS Financial Services, UBS Wealth Management, UBS AG and various other affiliations. This is called "crossover" within the banking/broker dealer trade and is held unethically suspicious. These actions have allegedly been highly advantageous and profitable to UBS at the detriment of harvested UBS client senior citizens, especially with dementia.
ARE CONSERVATIVE UBS CLIENTS VICTIMS OF UBS RISKY INVESTMENTS?
International Herald Tribune reports: "UBS was the figurehead of Swiss business. … Thomas Minder, a local attorney and shareholder activist, was even more outraged. ‘What happened here is a scandal,’ he thundered. ‘You're responsible for the biggest loss in the history of the Swiss economy. Put an end to the Americanization of the Swiss economy!’ At that point, Minder charged the podium, only to be dragged away by security guards. … ‘People now question UBS’s ability to manage risk and judge just what a conservative investment is,’ said Dirk Hoffmann-Becking, an analyst with Sanford Bernstein in London.”C2 ABC News reports: “UBS appears to have been particularly aggressive in the way they marketed their activities in the US.”C3 Attorney Minder rightfully sees the Americanization of UBS and has done his best to enumerate the point!
UBS TAKES A HUGE HIT AND BLAMES ACT OF GOD
Financial Times reports: “UBS prepared investors for a heavy fourth-quarter loss as it warned of weak markets and one-off accounting factors linked to the value of its own debt. The world’s biggest wealth manager – and one of the biggest casualties of the credit crisis – did not issue a specific profits warning on Tuesday. But John Cryan, chief financial officer, said exceptional factors, alongside difficult markets, could prompt a hefty loss, in spite of the group having cut costs, reduced risks and shifted toxic credits off the balance sheet.” C4 UBS CFO Cryan has become the UBS voice of doom. We now see him blaming incompetence on “exceptional factors”, whatever that means. He is running out of ethereal entities to blame.
UBS TAKES A BIG MEXICAN PESO HIT CALLS IT A SUPRISE!
Bloomberg reports: “Mexico’s Peso Stuns UBS With Biggest Drop Since 1995 Zurich-based UBS, the world’s second- biggest foreign-exchange trader, by surprise. The bank forecast in November that the peso would strengthen to 12.5 by year-end. Now, UBS says the peso will fall as low as 15 by Dec. 31 as Latin America’s second-largest economy shrinks. C5 UBS has been consistently wrong in their prognostications and use bailouts from Swiss and US taxpayers to make up part of the difference. They give some of the money back to the political operators who gave them the bailouts.
UBS LOOSES MONEY BECAUSE OF INCOMPETANCE AT THE TOP
Financial Times reports: “UBS on Tuesday announced the highest loss in Swiss corporate history as Europe’s biggest casualty of the credit crisis said it lost nearly SFr20bn ($17bn, €13.2bn) in 2008. The loss, which was above market expectations, was swollen by a SFr8.10bn loss in the fourth quarter, and came in spite of a surprise SFr1.73bn tax benefit and a reclassification of assets that allowed the bank to avoid recognising a further trading loss of about SFr3bn.”C6 UBS hierarchy is using the timeworn ploy of blaming everything but themselves for UBS losses. The UBS hierarchy is to blame for UBS criminal conduct and resulting losses, plain and simple.
SWISS GOVERNMENT FIDDLES ACCOUNTING TO AVOID UBS TAXPAYER SCRUTINY
Financial Times reports: “Fourth-quarter earnings will also be affected by a complex accounting requirement linked to the asset transfer to the central bank, resulting in a loss of up to SFr4bn. Mr Cryan (UBS CFO) also noted that UBS could face a charge on the goodwill linked to its big investment bank, which is being significantly scaled down.” C7 The Swiss government has heretofore been known for its astute and conservative behavior, especially in banking matters. UBS is diluting this reputation, making Swiss banking regulations an international joke.
WHO SECRETLY ASSISTED UBS TAXPAYER BAILOUT?
news release:
embassyofswitzerland.com
Honorable Rudolf Hostli, Vice Consul
Swiss Embassy
2900 Cathederal Ave, NW
Washington, DC 20008
Dear Sir:
Through the assistance of our reliable sources within UBS we have been successfully investigating a certain UBS malfeasance. We would like to know who gave the UBS Chairmen Weil/Hoekstra office orders to sanitize UBS USA mortgage department before Swiss government UBS bailout “due diligence” was circumvented? We wish someone within the government liaison to assist us or allow us to give information beneficial to the Swiss government and ultimately taxpayer. We believe the Swiss UBS stockholders, clients and taxpayers have a right to know before deciding what to do with their money commitment.
Cordially,
Embassyofswitzerland.com
SWISS DEMONSTRATE AGAINST UBS QUESIONABLE ACTIVITIES
ISN Zurich reports: “The Swiss government has bailed out UBS, the world's largest manager of private wealth assets, with CHF 68 billion. As a result, hundreds of demonstrators protested against rip-off salaries last Thursday in Zurich's city center and blocked the entrance of the UBS building. … For some, steeply rising salaries imply insufficient corporate governance of big corporations where managers can largely define their own salaries at the expense of the shareholders. … The situation looks different however, if the incentive system in place in the end results in the taxpayer having to make up for a bank's failure.” C8This is further erosion of Swiss values replaced by Americanized banking practices.
SWISS UBS CEO STEPS DOWN SAYING HE WANTED TO DO IT!
Financial Times reports: “Separately, UBS said Joe Scoby would step down as group chief risk officer and be replaced by Philip Lofts. Mr Scoby, a veteran trader and asset manager, took the job in the depths of the bank’s crisis, and had for some time been wanting to return to his former position running alternative investments.” C9 UBS must be running out of white middle age men to take the hierarchical positions.
ANOTHER UBS CHAIRMAN STEPS DOWN WITHOUT AN EXCUSE
Financial Times reports: “Peter Kurer … would not seek re-election as chairman of UBS at the Swiss bank’s shareholders’ meeting next month. Mr Kurer, who stepped into the breach last year to replace Marcel Ospel, will be succeeded by Kaspar Villiger, a former Swiss finance minister and elder statesman. The change will complete a process of renewal following last week’s surprise appointment of Oswald Grübel as chief executive. C10 Pretty soon UBS will have to resort to hiring women within the hierarchy. This may be a breadth of fresh air in the otherwise stultifying UBS senior offices.
WEIL/HOEKSTRA TEAM
November 12 2008, Marten Hoekstra assumed the duties of Raoul Weil, as UBS USA Chairman. Raoul Weil is now a fugitive from US Federal justice. Hoekstra was appointed Deputy CEO Global Wealth Management & Business Banking in November 2007. He held various roles with PaineWebber before being purchased by UBS, including that of financial advisor. On Wednesday, November 12th 2008, according to court papers unsealed that day, Raoul Weil, 48, chairman of global wealth management at UBS in Zurich, was indicted Nov. 6 in Fort Lauderdale, Florida. Mr. Weil is the top global wealth management executive at UBS. The case is U.S. v. Weil, 08-60322, U.S. District Court for the Southern District of Florida (Fort Lauderdale).
Letters to the Editor:
InternalRevenue.com
Those bastards ruling UBS should be put in prison. I hope Obama sticks it to em. UBS has had a free ride with Bush and his cronies and now it is payback time. Great work and keep it up.
SM, New Jersey
Dear Editor:
I know some of the guys who got caught in bed with UBS off shore accounts. I heard UBS was running a honeypot out of the Basil art show in Miami. UBS brokers were selling off shores. I can’t wait for Bush to get out of Washington. Maybe he should take all of the Washington bums who are on the UBS PAC take with him.
Sid B from LA
Dear Editor:
Is it true the Bush family has made billions just after or during public service? My Grandfather was solicited with the same UBS brochure mentioned in your issue 1. What can be done with all of these people? It is confusing to us when we receive these warm and fuzzy UBS brochures and then read newsletters such as yours.
Emily, Jupiter Island
Dear Readership:
We have seen UBS client's have had a difficult time with UBS. There are allegedly tax lawyers galore representing UBS clients. Perhaps our investigation will bring more to the fore. We do not know what is behind these questionable banking practices. We do know Florida government treats predatory practices against senior citizens very severely. We do not know why CEO’s Weil/Hoekstra have jeopardized their careers seeking out one insignificant client. Is this part of a larger unknown UBS problem? Are there more UBS clients that have not come forward or do not know of their estates standing within UBS? How can UBS act so confident about disclosures in the face of Federal prosecution? What type of donations has UBS allegedly made to applicable Washington political operatives through the Orwellian named "UBS Americas Fund for Better Government" PAC? We will continue to investigate these matters to gain transparency.
Director@internalrevenue.com