Swiss warn UBS bank could collapse

[Watchman]

Swiss warn UBS bank could collapse
Posted: 01 February 2010 0208 hrs

The New York office of Swiss banking giant UBS

GENEVA : 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.

 

[longbow]

In another words, UBS is built on hding people's money from taxes. So if people cannot hide then bank will fail.

No if I were US tax people then I think wah, just hiding tax evaders you can grow so big and have so much assets - then better jia you and dig for more gold.

Nowadays Singapore very quiet about private banking - what happening ?

 

[holyman]

My friend is working as a FX dealer in UBS. She has been working there for 3 years, and her average pay including bonus p.a. is around $80K plus (average 4 to 12 months bonuses)...Why are they paying FX dealers so high? And also, the whole department is full of so called expats, black and white mostly, why do we need such expats here to do a simple job? UBS deserves to fail for constantly overpaying their staff and laundering money...my advise to all its ok to put some money in banks, but please do not put your life savings in it, you never know what can happen to it, as with the recent OCBC case...

 

[Rogue Trader]

My friend is working as a FX dealer in UBS. She has been working there for 3 years, and her average pay including bonus p.a. is around $80K plus (average 4 to 12 months bonuses)...Why are they paying FX dealers so high?

80k pa for dealer is very low.

 

[Watchman]

My friend is working as a FX dealer in UBS. She has been working there for 3 years, and her average pay including bonus p.a. is around $80K plus (average 4 to 12 months bonuses)...Why are they paying FX dealers so high? And also, the whole department is full of so called expats, black and white mostly, why do we need such expats here to do a simple job? UBS deserves to fail for constantly overpaying their staff and laundering money...my advise to all its ok to put some money in banks, but please do not put your life savings in it, you never know what can happen to it, as with the recent OCBC case...

Experts means take the fall.
And the ability to run when the time to go .
Run before bad is going to happen .
Collect the bonuses and disappear . That is EXPERT.

 

[holyman]

At age of 27 with 3 years exp in the bank with only a SMU biz degree earning $6K plus a month and merely a FX dealer, I think I must be on another planet if this is not overpaying, anyway I have no account with UBS so dosent affect me, collapse all the way and send the FTs back!!

 

[singveld]

At age of 27 with 3 years exp in the bank with only a SMU biz degree earning $6K plus a month and merely a FX dealer, I think I must be on another planet if this is not overpaying, anyway I have no account with UBS so dosent affect me, collapse all the way and send the FTs back!!

that why bankers fxxk up the global finance, because the higher risk they took, the more money and bonus they made. They have it good for many years.
it is disgusting i know. but bankers made tons of money.

the good news, is that when they lose their jobs, they became depress due to massive drop of salary. some kill themselves. i hope, they commit suicide en mass.

 

[holyman]

very well said...a fx dealer j.d. includes (1.) using client's (can be institution or individuals) money to trade or hedge, the genuine ones like forwards (2.) using client's money to manipulate market, this is called syndication, (3.) meeting clients from overseas for more opportunities to launder or syndicate (already proven hence the reason for this thread), (4.) traveling overseas regularly (at least 3 to 4 times a year, flying SQ no less) for "business conferences and trips" that imho does not add value to anything...

honestly, if one worked in the industry before, there is no such thing as "an honest, wealthy, and high net worth individual." Most are parking their funds in the banks to escape taxes or the law...any person worth that much will ne reinvesting their money to get more gains...of course if I have an attractive female banker and I have millions to spare, why not park one or two and and ask for sexual favours?

ironically, all past corrupt (proven) presidents and PMs have had their countries going through the most prosperous of times...Marcos (back in the 80s i think philipines was a exotic destination and the exchange rate was $1 peso to $1 USD), suharto, Chen Shuibian, the Korean Cow...maybe banks are indeed the necessary evil...