The fact UBSS is on both best bid & best buy says it all about this scammy CPPC market. UBSS had to fork-out $1.4 billion in the Enron scam alone, another $800 million when Spitzer nailed their azzes in NY & another $50 million to settle charges brought by the SEC. There's more, but you get the idea.
BEST BID: UBSS 0.1300 5000 11:15:19 BEST ASK: UBSS 0.1600 5000 11:15:19
Since its merger with Paine Webber, UBS Warburg has been accused of wrongdoing relating to the Enron fiasco. In 2001, a former UBS Warburg stockbroker filed a complaint with the National Association of Securities Dealers (NASD) after being fired for advising clients to divest themselves of Enron stock. UBS Warburg allegedly inflated Enron’s stock rating to clients as a "strong buy," even after they knew the energy giant was failing. When Enron went bankrupt four days later, many employees lost their 401(k) investments, and some lost their life savings. In 2002, UBS Warburg reached a $1.4 billion Enron fraud settlement with various regulatory agencies.
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