Arab Today, arab today us files suit against ubs securities
Last Updated : GMT 08:44:49
Arab Today, arab today
Arab Today, arab today

US files suit against UBS Securities

Arab Today, arab today

Arab Today, arab today US files suit against UBS Securities

Washington - AFP

US regulators have filed a lawsuit against Swiss banking giant UBS, accusing it of misrepresenting the risk associated with mortgage-backed securities it sold to two federal credit unions. The two credit unions failed after paying $1.1 billion for the securities, which they believed to be safe bets but in fact carried \"substantial risk,\" the National Credit Union Administration, which filed the suit, said Thursday. \"The strength of our entire financial system relies on trust and accountability,\" NCUA Board Chairman Debbie Matz said in a statement. \"As our complaint makes clear, UBS Securities violated this trust, which contributed to the collapse of two corporate credit unions and the resulting crisis in the credit union industry.\" UBS could not immediately be reached for comment. The two credit unions -- the US Central Federal Credit Union (US Central) and Western Corporate Federal Credit Union (WesCorp) -- provide a number of services to retail credit unions, which serve consumers. NCUA said it has filed similar actions against JP Morgan Securities, RBS Securities, Goldman Sachs and Wachovia, and has settled claims worth more than $170 million with Citigroup, Deutsche Bank Securities, and HSBC. The widespread marketing of risky mortgage-backed securities was one of the main causes of the 2008 financial crisis.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us files suit against ubs securities Arab Today, arab today us files suit against ubs securities

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us files suit against ubs securities Arab Today, arab today us files suit against ubs securities

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday