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Warren Pollock Sues UBS
Regular Zero Hedge guest Warren Pollock has taken UBS to court. An issue of contention is Pollock's question of just who it is that UBS has responsibility to: the market, its clients, or themselves. While the natural progression would be in the order presented, Pollock's claim is that it has become inverted, not only at UBS, with all banks caring exclusively about their own wealth and success first, above any secondary concerns they may have regarding proper treatment of markets or clients. This will be an interesting case to follow.
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I hope he didn't wear that shirt to the hearing.
Shirt? I thought it was the felt off a poker table.
you guys are too funny!
The order of 'responsibility' kinda depends on what is in their contracts, does it not? We don't start a business primarily to help out the market, we do it to make money. It so happens that in a free market, the best way to make money is by treating other people right. But that's not a responsibility, that's an outcome.
To whine about someone not being fair...that's kindergarden. If the market is producing outcomes you don't like, maybe you should look at what sort of constraints there are on the market. (i.e. don't hate the playa, hate the game.)
This is the same misdirection the mainstream is using when it says 'the free market failed, therefore let's have more regulation'.
Also that dude's shirt is retarded.
Answer: None.
Any other questions?
Amazing that a stupid shirt can detract so much from a message. I wouldn't have thought it possible.
Perhaps he took a loss on some of the triple leveraged products that have swaps from UBS backing them up - the premise could be that they wrote the swaps and then the banks writing these swaps turned around and influenced the security prices by bidding them up.
I wish he would have made a point, it sounds really childish without any specifics and that shirt actually looks like one a kid would wear.
who the hell is that guy?
Complete waste of time.
Pollock = Richard The Lion-Hearted?
Pollock asks, what responsibility do broker dealers and other financial companies have to the marketplace in terms of their own conduct: the market, their clients, or themselves?
Well, the courtroom may dismiss the question, but ultimately it will be answered--by the marketplace and the people. Who wants to do business with a banker/broker dealer who can’t be trusted? Is it not confidence and conservatism these institutions try to instill with their names and slogans, “The Bank You Can Trust,” “Carter Bank & Trust,” “Put Your Trust in Us,” “Greater Bank Trust Co.?
Who wants to bank with Castro or Mugabe? Or Ben Bernanke, for that matter?
By the way, W. Pollock, we’re birds of a feather. I like that shirt.
Warren "gets it".
Very smart and know his stuff.
I highly recommend watching some of his videos.
Great work ZH and Warren
He cares, glad someone fucking does.
Some of you guys are in denial...
I agree with Warren on this. And I hope he starts something here. There are many firms, not all, but many that are malicious in nature and have to be looked at.
Why? Because regular everyday hardworking people get screwed because they might not know or understand what a derivative is or high frequency trading or whatever exotic financial instrument they concoct for their benefit. Some firms are so complex with their numbers and instruments that the average person just cannot comprehend their shit. The average person does not have the knowledge or the know how to compete with wealth stripping firms. People are being stripped of their wealth and it's unfair advantage.
Don't get me wrong, there's nothing wrong with making a profit but creating all kinds of crazy bullshit that people don't understand and cannot counter, is wrong. Some of these firms are designed wealth strippers that only benefits a few.
They, like everyone else, have a basic responsibility to be just. Like I said, make a profit that's fine, but don't knowingly mislead and strip wealth for the benefit of a few.
And I think it's crazy to deny that, look the other way and not ask the questions that need answering.
As far as regulation is concerned, the regulators have their thumb up their ass and play a big part in this mess.
We don't need more regulation, we just need to cut to the fucking chase and demand to stop being fucked with or else the people will take you to war and your out of business forever.
I love the shirt Warren.
I agree with Warren on this. And I hope he starts something here. There are many firms, not all, but many that are malicious in nature and have to be looked at.
Why? Because regular everyday hardworking people get screwed because they might not know or understand what a derivative is or high frequency trading or whatever exotic financial instrument they concoct for their benefit. Some firms are so complex with their numbers and instruments that the average person just cannot comprehend their shit. The average person does not have the knowledge or the know how to compete with wealth stripping firms. People are being stripped of their wealth and it's unfair advantage.
Don't get me wrong, there's nothing wrong with making a profit but creating all kinds of crazy bullshit that people don't understand and cannot counter, is wrong. Some of these firms are designed wealth strippers that only benefits a few.
They, like everyone else, have a basic responsibility to be just. Like I said, make a profit that's fine, but don't knowingly mislead and strip wealth for the benefit of a few.
And I think it's crazy to deny that, look the other way and not ask the questions that need answering.
As far as regulation is concerned, the regulators have their thumb up their ass and play a big part in this mess.
We don't need more regulation, we just need to cut to the fucking chase and demand to stop being fucked with or else the people will take you to war and your out of business forever.
I love the shirt Warren.