UBS Names Ermotti Permanent CEO (WSJ)
In a widely expected move, UBS AG on Tuesday appointed Sergio Ermotti as chief executive, just days ahead of a key meeting where it plans to tell investors it will shrink its investment bank and focus more on managing assets for wealthy clients. Mr. Ermotti, a Swiss national, was named interim-CEO when Oswald Grübel stepped down abruptly in late September, after the Swiss bank reported it lost more than $2 billion in an alleged rogue-trading incident. He had joined UBS in April, at Mr. Grübel's invitation, from Italian bank UniCredit SpA.
Police Clear Zuccotti Park (WSJ)
Police brought the two-month-old Occupy Wall Street encampment in Zuccotti Park to an abrupt end early Tuesday morning, as hundreds of officers swept in and cleared out protesters and their tents. They arrested 70 protesters who refused to leave and sent others into the surrounding streets, setting off clashes and marches throughout Lower Manhattan...Mr. Bloomberg quickly took responsibility for the move, saying in a statement released before dawn that the park's owners had asked for the city's help in enforcing its rules against sleeping there, but that "the final decision to act was mine."
Court order: City can’t keep Occupy Wall Street protesters and their stuff out of Zuccotti Park (NYDN)
Hours after baton-wielding cops cleared Occupy Wall Street protesters and their tents out of Zuccotti Park, a judge signed a order Tuesday saying the demonstrators can return with their stuff. Mayor Bloomberg said the city was trying to clarify the restraining order signed by Manhattan Supreme Court Justice Lucy Billings, a former civil liberties lawyer.
Timing Questions Emerge On MF Global Cash (WSJ)
As the firm was fighting to survive a customer exodus during the week before its Oct. 31 bankruptcy filing, MF Global officials didn't indicate there were any deficits in customer accounts, according to people familiar with the matter. On Oct. 28, MF Global officials reported to CME Group that the customer funds at the firm were in good shape, according to people familiar with the matter.
Panel Rebuts Fraud Claim Against Sino-Forest (WSJ)
The independent committee investigating Chinese timber producer Sino-Forest Corp. said it found no evidence of fraud at the company and emphatically rejected allegations by a short-seller that sent shares down 80%. The claims by research firm Muddy Waters LLC, which said Sino-Forest was a "near total fraud" and a "Ponzi scheme," were among the most explosive in a string of accusations against Chinese companies. The Canada-listed Chinese timber company says its report—the result of a $35 million, five-month investigation—found that the company owned all the timber it claimed, valued it correctly and had not carried out any questionable transactions.
Jerry Sandusky: "I Enjoy Young People" (Deadspin)
Sandusky, when asked if he was a pedophile, told Costas "no." When asked if he was sexually attracted to young boys, he paused for a moment and then responded: "Am I sexually attracted to underage boys? Sexually attracted? You know, I enjoy young people. I, I love to be around them. I, I... But no, I'm not sexually attracted to young boys." Sandusky also admitted to "horsing around" with young boys in the shower. He still believes that he is "innocent of those charges"—"those" being the 40-count indictment against him—and asks that the public "hang on until my attorney proves my innocence."
Moynihan Says Economy Still Expanding (Bloomberg)
The world’s economy is moving forward, “albeit in the U.S. at a slower pace than we’d like,” Moynihan said today. The bank needs to rebuild its reputation and be more transparent with retail customers after an aborted attempt to impose new fees on debit-card users, he said, adding, “we learned from the experience.”
Euro Zone Break-Up Still 'Worst-Case Scenario' (CNBC)
"A break-up in some fashion is still the worst-case scenario for Europe in every respect: financially, economically and politically," Larry Hatheway, chief economist at UBS, told CNBC Tuesday.
Zurich Police Evict Anti-Bank Protestors (Reuters)
Swiss police on Tuesday evicted anti-banker protesters from the Lindenhof, an ancient square in one of the oldest parts of Zurich, just hours after a similar move by police in New York against an anti-Wall Street demonstration. The 50 or so protesters were given 20 minutes to leave the area where they first pitched tents a month ago, Zurich police said in a statement, adding 31 demonstrators were detained after peacefully resisting the order to move on. Demonstrators had initially gathered in Zurich's Paradeplatz, the main square in Switzerland's financial center before moving to the Lindenhof.