Swiss warn UBS bank could collapse
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http://www.reuters.com/article/idUSLDE60U09Q20100131
<span =“lingo_region”>Switzerland’s justice minister warned in an interview on Sunday that top bank UBS could collapse if sensitive talks with the United States over a high-profile tax fraud investigation fall through.
“The actions of UBS in the United States are very problematic. Not just because they are punishable but also because they threaten all of the bank’s activities,” Eveline Widmer-Schlumpf told Le Matin Dimanche newspaper.
“The Swiss economy and the job market would suffer on a major scale if
UBS fails as a result of its licence being revoked in the United States,” she said.
Switzerland and the United States have negotiated an agreement under which UBS would hand over information on some 4,500 account holders to US tax police.
But a Swiss court ruling earlier this month put the deal in doubt.
Many in Switzerland, where banking secrecy is a source of pride and a key part of the economy, have accused the government of failing to protect UBS.
“We have nothing to blame ourselves for. I don’t think anyone could
prove that we acted badly,” Widmer-Schlumpf said in the interview.
[quote=UBStech] that top bank could collapse if sensitive talks with the
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rut row.
I don’t think “collapsing” would be good for business.
Im not worried. Ron wolf is tight with Obama Nation. that will save us.
It’s just Swiss rhetoric; they won’t collapse, but it is a shame that lack of leadership took the morale down so much. And if it does get spun off - like many FAs wish - it’s still gonna be a crummy wire with a bunch of arrogant mid and upper level managers who will continue to spin b.s. and manipulate your behavior by tweaking a comp plan that always favors the house. I’ll take great morale being solo than improving medocrity any day. It will get better. It has to… But anyone who just gives the firm a pass and says they are not concerned though is probably still on a deal. It’s just wishful thinking. Marten, McCann, Price, Ozzie, whoever… what difference does it make? It’s still gonna be a mess and it’s their culture! But don’t take my word for it - do your own due diligence or just accept it for the check you got. It is not that complicated. It’s a weak firm and it doesn’t matter if they get sold or not; it’s gonna take an awful lot to change this and other large firms because the “managers” who run them just switch chairs. They believe we as FAs need them to lead us and they are puppets for unethical senior managers who see you as a distribution channel. How can you even trust these guys?
I truly hope they do not collapse because it’ll drag the market down and further damage the entire industry and be another black eye for wall street. But just between us, this firm has already collapsed!
the article has already been re-written, unless i’m missing something. of course, it could explain our stock hitting the crapper the past few weeks…much weaker than the rest of the financials
My first post. I have read this forum often & will tell you that whoever this Logansrun is, he is dead right on!
I left ubs last summer & never dreamed a company could be that bad. Its a hole & my life is & has been a complete joy (I now work with an independent) and I thank God daily. Logans description of their management are words right out of my mouth. I hope the good brokers there take some real good advice, get out!![quote=LogansRun] It’s just Swiss rhetoric; they won’t collapse, but it is a shame that lack of leadership took the morale down so much. And if it does get spun off - like many FAs wish - it’s still gonna be a crummy wire with a bunch of arrogant mid and upper level managers who will continue to spin b.s. and manipulate your behavior by tweaking a comp plan that always favors the house. I’ll take great morale being solo than improving medocrity any day. It will get better. It has to… But anyone who just gives the firm a pass and says they are not concerned though is probably still on a deal. It’s just wishful thinking. Marten, McCann, Price, Ozzie, whoever… what difference does it make? It’s still gonna be a mess and it’s their culture! But don’t take my word for it - do your own due diligence or just accept it for the check you got. It is not that complicated. It’s a weak firm and it doesn’t matter if they get sold or not; it’s gonna take an awful lot to change this and other large firms because the “managers” who run them just switch chairs. They believe we as FAs need them to lead us and they are puppets for unethical senior managers who see you as a distribution channel. How can you even trust these guys?
I truly hope they do not collapse because it’ll drag the market down and further damage the entire industry and be another black eye for wall street. But just between us, this firm has already collapsed!
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Everything you say is correct except…it can change. I saw it.
I believe that it is more leadership and the system vs. it being just the people.
The AGE guys are going to say I’m full of crap but I saw PRU change after the merger with WS. My manager and local management changed big time under different, more FA friendly leadership out of Richmond.
Again, AGE and post WB going under people are going to think I am on crack but I loved WS under luddeman, hayes,kowach et al before the meltdown.
Im not a homer and Im not drinking koolaid. I have worked at crap firms before. At the end of the day there is only so much they can do to your biz. My team and me just circle the wagons and figure out ways around any BS and don’t let it bother us. We have a chip on our shoulders and just tell them to F off
I like McCann. Dude has major stones (re: bolting from BAC).
I think he cut a deal with the commie Swiss to stay the fukc out or he would not come. I think the deal is that he gets the franchise value up so Ozzie can cut bait (3 yrs or less).
i like what I see so far. Is it a slam dunk? Hell no. 50/50 maybe.
But it can be done and it can be done relatively quickly.
Shania - I like you. You are a broker’s broker. But I gotta ask, you’re on a deal aren’t ya? Look, just keep telling yourself it’ll all be better some day. If you’re on a deal, then I guess you have to believe in McCann. I am not judging you. I did the same thing for quite a while. “Circle the wagons and figure out ways around the BS” - then one day after years of frustration it finally hit me. Just leave.
Why spin the destiny wheel of fate and wait for some loser to sell your @ss and hope for a check. Why not cease the madness and chart your own course? It’s my EQUITY now and not some hero manager who doesn’t give a rats you know what about you and your clients or family. But just remember, all these hero managers sell out at some point. If you can’t beat 'em, join 'em. Be the firm and not the pawn. They got a good thing going and as an owner you can too! but, if you’re on a deal, well, hope you are right that they do turn this stinker around…
By the way, not all branch managers are bad apples. But many did less production than perhaps you or I and only got out of production because they were scared. Ask your manager if he regrets leaving production. You may get an interesting answer.
[quote=LogansRun] Shania - I like you. You are a broker’s broker. But I gotta ask, you’re on a deal aren’t ya? Look, just keep telling yourself it’ll all be better some day. If you’re on a deal, then I guess you have to believe in McCann. I am not judging you. I did the same thing for quite a while. “Circle the wagons and figure out ways around the BS” - then one day after years of frustration it finally hit me. Just leave.
Why spin the destiny wheel of fate and wait for some loser to sell your @ss and hope for a check. Why not cease the madness and chart your own course? It’s my EQUITY now and not some hero manager who doesn’t give a rats you know what about you and your clients or family. But just remember, all these hero managers sell out at some point. If you can’t beat 'em, join 'em. Be the firm and not the pawn. They got a good thing going and as an owner you can too! but, if you’re on a deal, well, hope you are right that they do turn this stinker around…
By the way, not all branch managers are bad apples. But many did less production than perhaps you or I and only got out of production because they were scared. Ask your manager if he regrets leaving production. You may get an interesting answer.
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I am a cynical, negative realist. If it ends badly they aint getting a virgin with me.
Here is one FACT.
Is there a better chance that U and us could get better with McCann vs. the other Einsteins? YES
That will be my only statement that you will accept
you have to agree that this is better then price et al
You think the problems are so deep and protracted that it is hopeless…you might be right.
will i survive? yes.
i guess time will tell.
I think the wrong team in favored in the super bowl. Thats why they play the games…
Listen, at the end of the day, has anyone ever REALLY given you ANYTHING in this mf business?
It is not the firm. It is not indy vs wirehouse. It’s our effort that makes us successful. period
would I rather be indy? yes
has the firms I have worked for added any real value for me?
no mostly negative
I guess basically i was a sell out who*re for a decent bit of moolay
"I guess basically i was a sell out who*re for a decent bit of moolay"
Many of us made that mistake. Like the paid up passengers on the Titanic, your choice is easy, use the ticket or choose another ship.
we were close to signed, sealed and delivered to go with Johnny Mack. Got scared when stock looked like it was headed to LEH land.
We looked to the safety and stability of the Swiss and UBS…
bwhahhahahahahahaahahahahahah…oh well.
live by the MF sword…you die by it.
check was good and went into stocks on the cheap.
Its a piece of crap company and we were dumb on due dil.
been with crap firms before. f-em.
Just as long as they leave you alone.
here is another trap that I was so stupid on. Dont call your GD friends at other firms.
THEY WILL LIE. they want you there. they want you sharing their MF pain. they want some dough for getting you to come.
duh… i know better. idiot
Shania… wow I feel for you. You’ll be fine. I actually think you’re going to keep your sanity now that you’ve stopped the denial. wow.
Truth to power.
pretty adult allocation. Ive grown up some , i guess. I pretty much eat my own cooking. i love equities and believe in the markets back in the day the only bonds i bought for me were futures (haha) we were really lucky as hell. they jerk you around before they give you moolay. having dry powder like that in jan/feb/mar period was so lucky blessed. i gave a chunk of it to charity we are luckyShania, you put your deal $$$$$ in equities?!?!?!?!
i know a bunch of guys mid-40’s who were in construction/building/mortage etc.
used to making low 6 figs done no job. no prospects. living off 401ks we are lucky