UBS AG, Switzerland’s biggest bank, plans to pull out of a panel setting Euribor rates, following an exodus of lenders including Citigroup Inc. and Rabobank Groep in the wake of scandals involving interest-rate benchmarks.
Henry Paulson may be the most powerful manager of money in the world and he still couldn’t do for taxpayers with the $700 billion bailout of American banks what Warren Buffett did for his shareholders in investing in Goldman Sachs Group Inc., Mark Pittman of Bloomberg News reported today.
UBS AG, Switzerland’s biggest bank, announced that its loss from unauthorized trading amounted to $2.3 billion, more than initially reported, while Chief Executive Officer Oswald Gruebel said he will stay on.
The U.S. Securities and Exchange Commission proposed barring bets against asset-backed securities by underwriters and securitization participants to root out conflicts of interest that might harm investors.
Gasoline rose for a third day and oil fell to a three-month low as Hurricane Sandy threatened U.S. East Coast refineries and closed equity trading. Treasuries and the dollar strengthened amid increased demand for refuge.
Senate Republicans abandoned their efforts to block debate over legislation overhauling U.S. financial rules, vowing instead to fight for changes to the bill on issues ranging from consumer protection to derivatives, according to reporting by Bloomberg’s Alison Vekshin and James Rowley.
In a speech aimed equally at Wall Street and Main Street, President Barack Obama urged the financial industry to drop the “furious effort” to fight his regulation plan, saying a failure to impose tougher rules on the market will put the U.S. economic system at risk.