Cuomo Sues UBS Over ARSes

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Attorney General Andrew Cuomo filed suit against UBS today claiming the firm deceived investors re: auction rate securities by telling them they were cash equivalents, and that senior executives divested themselves of $21 million in ARSes as the shit hit the fan, all the while continuing to tell customers everything was cool. Surprisingly, UBS said earlier this morning that it was not psyched at the prospect of being sued by the AG, telling the Journal, "A filing of a complaint at this point would be disappointing, given that we are working with regulators, peers, and industry groups to develop solutions addressing the liquidity issues in the ARS market." In related news, Senator Carl Levin is still rallying hard to get the Swiss bank shut down entirely.
New York's Cuomo Sues UBS, Alleges Deceptive Auction-Rate Sales [Bloomberg]
Cuomo Readies UBS Civil Suit [WSJ]

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