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UBS's Ethical Issues |
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In his (2008) article for CNNMoney.com, "UBS hit with New York auction-rate security suit," David Ellis describes the auction-rate security scandal involving the Swiss banking giant UBS. Ellis (2008) describes how UBS sold auction-rate securities to investors under false pretenses, assuring them that the securities would be liquid, and then-when investors tried to sell them-telling them that the investments were "long-term" investments instead. The article explains how New York State Attorney General Cuomo is bringing a nationwide lawsuit against UBS to recover the money, which totals billions of dollars, saying that he was "sending a resounding message to the rest of the industry that this type of deceptive behavior will not be tolerated" (Ellis, 2008). In addition, UBS' top execu
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Category: Business - U
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Attorney Cuomo, UBS Ellis, Retrieved July, References Ellis, David Ellis, CNNMoneycom UBS, auction-rate securities, pressman 2008, ellis 2008, auction-rate security, , pressman 2008 investors, hit york auction-rate, july 26 2008, auction-rate security suit, 26 2008, retrieved july, 2008 addition, july 26, security suit, york auction-rate security, ubs hit,
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