BROWSE BY TOPIC
Stories of Interest
- White House Now Doesn’t Dispute Details of Trump's Call with Army Widow
- Goldman Sachs’ Lloyd Blankfein Just Threw Some Serious Brexit Shade
- Guggenheim Partners ‘Bank Wrecker’ Could Get $100Mn Exit Package
- Proposed Arbitration Rule Change: For Customers Dealing with an Inactive Firm or Associated Person
- This Family Bet It All on Bitcoin
- Clearinghouses Pass CFTC Liquidity Stress Tests
- President Trump Admits He’s Trying to Kill Obamacare. That’s Illegal.
- Trump Plunges Down List of ‘America’s Richest’
- Is Trump’s “Foreclosure King” in Over His Head?
- FBI Arrests NCAA Basketball Coaches and Adidas Rep in Bribery Probe Involving Recruitment
- Equifax CEO Steps Down Amid Hacking Scandal
- Litigation Costs to Rub Salt in RBS Investor Wounds
- RIAs Poised to Land Wirehouse Recruits - Dan Jamieson
- Citibank and U.K. Affiliate to Pay $550K Penalty for Swap Data Reporting Violations - CFTC
- AIG to Restructure into 3 New Units, Marking CEO's First Big Move
- Accounting Firm Deloitte Says It Suffered Cyberattack (subsc reqd)
- Upcoming FINRA Board Meeting and FINRA360 Update
- Elizabeth Warren Lifts Hold on Trump DOJ Antitrust Nominee
- Bigger Mergers Narrow Indy Reps' Options, Alter IBD Channel - Dan Jamieson
- Dentons to Merge with U.K.'s Murray & Spens
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
UBS Considers Refusing a Justice Department Settlement
UBS may be sitting on a $14 billion reserve to cover the cost of any settlement it reaches with the Department of Justice over its sale of toxic mortgage backed securities leading up to the credit crisis of 2008, but that doesn’t mean the Swiss bank will necessarily agree to a settlement. How interesting!
In stating that “all options are open in the resolution of those matters,” UBS CEO Sergio Ermotti gave the first hint that the bank might take a hard line in its dealing with the Justice Department. During that same press conference in January, Ermotti added: "First of all, we have to have the facts. … We can’t talk about the resolution of any matters if you don’t know the facts." One such fact is the settlement amount that the Justice Department puts on the table.
Back in December, rival bank Barclays refused to settle its mortgage-backed bond case, saying the Justice Department’s demands were too high. By contrast, Deutsche Bank and Credit Suisse both agreed to settle – DB for $7.2 billion, and CS for $5.3 billion.
One other bank - Royal Bank of Scotland – must deal with the Justice Department on a similar matter, although those discussions have not yet begun. For the record, RBS has reserved nearly $4 billion to cover any settlement that it reaches.