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| Friday, November 20, 2009 |
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ANALYSIS
March 2, 2009
Sagging Index no longer reflects what’s going on in the market, some say, Replacements? Google it, to start.
March 2, 2009
Downward price spiral will actually boost the cost of capital for most companies. CFOS, take note.
March 2, 2009
The latest bailout at AIG could be a preview of how the president will deal with Wall Street.
March 2, 2009
No corporate defaults. Big debt offerings. Percolating CP issuance. Things may be looking up in the capital markets.
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March 4, 2009 2:56 PM ET
Your story ("UBS chairman may be tied to alleged IRS fraud") seems to mix up things and to reiterate speculations in certain Swiss weekend papers of 22 February 2009. We issued the following statement on this: “Neither the US Department of Justice nor FINMA allege that the Chairman or CEO of UBS had any knowledge of illegal offshore structures that occurred in the bank’s US cross-border business. After concluding its own investigations, FINMA came to the conclusion that senior management of UBS did not have such knowledge. The allegation that Peter Kurer and Marcel Rohner knew about the offshore structures which were used to commit tax fraud or the like is wrong. No new documents nor facts have been announced or have emerged since the completion of FINMA’s investigations and the announcement of the agreements UBS entered into with US authorities on 18 February.” Serge Steiner, UBS Media Relations Financial Week replies: We appreciate Mr. Steiner writing to us. In his email, he notes that no government agency has made allegations against former chairman Peter Kurer or former CEO Marcel Rohner. That is true—but Financial Week never claimed that any agency has raised such charges. He also indicated that FINMA—the Swiss financial regulator—concluded that senior UBS executives did not know about any violations. That fact was duly noted in our story. Mr. Steiner added that no new documents or facts have emerged since Feb. 18. But our follow-up story ("UBS chairman Kurer oversaw inadequate probe of IRS fraud ") uncovered evidence that the U.S. Department of Justice does indeed have concerns about a 2006 investigation overseen by Mr. Kurer into the bank’s efforts to help American clients evade federal taxes. And our initial story revealed allegations by Justice that a committee on which Mr. Kurer served contributed to the UBS fraud conspiracy by “knowingly” failing to pass on audit results. Peter Kurer will be stepping down from his post as UBS chairman on April 1, after about a year on the job.
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