SubDRSive

UBS fined 387 milly

https://lemmy.whynotdrs.org/post/31037

UBS fined 387 milly - DRSGME/WhyDRS Lemmy

No surprise that the potato-of-blame is being tossed around a bit. Good sign for us. “WASHINGTON, July 24 (Reuters) - The U.S. Federal Reserve announced Monday it had fined UBS Group AG $268.5 million for Credit Suisse’s misconduct around its dealings with the defunct investment firm Archegos Capital Management. The Fed said Credit Suisse, which UBS acquired in June, repeatedly failed to address risk management shortcomings in its dealings with the firm, and lost $5.5 billion when it collapsed in 2021. UBS will pay a total of roughly $387 million in fines as Swiss and British authorities also took actions against the bank.”

Jul 24, 2023 at 6:10pmWeb
Show threadDecentralizeTheWorldJul 24, 2023
It’s a bit funny UBS has to pay a fine for Credit Suisse when they were forced to buy them. Anyways, $387m closer to being forced to close their toxic gme shorts
Show threadsadrealityJul 24, 2023

I am amazed how they are able to keep this cover up going. The more they try the more I am believing this is in fact related to the GME swaps.

Still no direct evidence right? Been out of the loop last few months.

Show threadbibic_jrJul 24, 2023

If anyone has shares with UBS, here’s how to get out of there and DRS:

www.drsgme.org/…/direct-register-shares-from-ubs

DRSGME | Direct Register Shares from UBS

UBS can DRS transfer for free, however they do have some fees outside of transferring. Their minimum account fee is $100 ($175 for a resource managed account, or an IRA), plus a $95 annual maintenance fee. Once your shares are settled in UBS, you can send them a Letter of Authorization. The Letter of Authorization can be handwritten or typed, but it must be signed with wet ink. You can write it informally, or use the following templates: GameStop specific template, blank template for any stock.

DRSGME
Show threadprsmikeJul 25, 2023

So not sure if I’m the only smoothbrain around these parts but I actually wasn’t aware of the Fed’s role in these enforcement actions and I didn’t know what purview they had for the fines that this article is talking about. In case anyone else was curious: federalreserve.gov/…/enforcement-actions-about.ht…

With a link to the actual action in question: www.federalreserve.gov/…/enf20230724a1.pdf

There is some juicy stuff in here:

*WHEREAS, from approximately 2012 to 2021, Credit Suisse had a client relationship with Archegos Capital Management LP (“Archegos”), a New York-based family office, and also had a relationship with Archegos’ predecessor, Tiger Asia Management LLC, dating back to 2003. Credit Suisse’s New York-based Prime Services and Credit Risk Management staff were responsible for the Archegos relationship;

WHEREAS, Archegos employed a long-short equity strategy, with a focus on technology and media companies, and primarily used derivative contracts via total return swaps (“TRS”) with counterparties, including Credit Suisse. From at least mid-2020 through early 2021, Archegos repeatedly added long TRS positions in a limited list of single-name U.S. and Chinese stocks;

WHEREAS, the risk posed by Archegos’ increasingly concentrated TRS portfolio at Credit Suisse continued to increase from mid-2020 through early 2021, such that Archegos breached Credit Suisse’s internal risk limits throughout that entire period;*

haha forget about Gamestop 😅

Federal Reserve Board - Enforcement Actions About

The Federal Reserve Board of Governors in Washington DC.

Board of Governors of the Federal Reserve System
Show threadprsmikeJul 25, 2023

Oh another interesting tidbit:

WHEREAS, in or around late March 2021, Archegos defaulted on Credit Suisse’s margin calls, causing Credit Suisse, which lacked adequate margin, to liquidate its positions in the underlying names and suffer approximately $5.5 billion in losses;

haha don’t think ole’ Hwangi Boy enjoyed Mar10 day

Show threadMilksteaksJul 25, 2023
Archegos coulda closed their TRS shorts for their supposed 5.5b figure but collapsed instead then handed their bags to credit suisse which collapsed and then handed the bags to UBS. In the meantime swaps dont need to be reported til 2024 so we wont know how big their bags really are. I’m guessing global financial collapse big though
Show threaddvizeJul 26, 2023
I think its questionable that the fed even has a role in enforcement actions. Where does this money go? Almost like its going to be given back to them later. It also wonder if it gives them a blanket of security maybe. -Hey this bank screwed people we want to punish them… “No they have already been punished with this amount of money. No other enforcements need to be done.”