The Bernie blame game has taken on an interesting twist courtesy of the French. Even though the Ponz duped every investor and regulator not named Harry Markopolos, the French market regulator has pointed the finger at UBS for their role as custodian for a fund specifically designed to invest with Madoff. For those who were surprised that a fund which was set up to invest nearly 100% of its assets with a single manager presented some potential risks, this could be your chance to have somebody else pay for your mistakes.
Far be it from any regulatory body to pay up for their own ineptitude, the French regulator places the blame squarely on the shoulders of the crime fighting gang in the custody unit. Should that fail, regulators can always recommend going after Bic for their glaring lack of risk management in providing the ink that enabled people to sign their names on Madoff-related documents.
UBS Should Repay Madoff Investor Losses, Agency Says [Bloomberg]
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
Hate the French and hate UBS. Tough call here.
Did they have a license for that monkey?
“There was some question wheter the UBS or its monkey was breaking the law”
French Regulator: “City ordanance 371R prohibits the playing of any financial instrument in a public place for the purpose of commercial enterprise without a proper license.”
UBS: “How do you know so much about city ordanance?”
French Regulator: “What sort of stupid question is that! Are you blind!!
UBS: “Yes!”
Did you miss the memo? UBS Sucks.
I liked the BIC line. Well done, Greg, well done.
-TGFHouston
Aren’t BIC pens a French product?
The word Houston, like the word Greg, is Latin for ANUS!
Greg is having an “Annus horribilis”
look it up.
Gargle Chimes
@7 and @8 are the same moron. Get over the Greg thing. It wasn’t funny the first hundred posts and it isn’t getting any funnier. Dumbfuck.