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Displaying 41-50 out of 216 results for "Muni Arb".

UBS Puerto Rican Funds Did Not Belong in Puerto Rican Investors' Portfolios

(Feb 2015)

Over the past year, we've posted a dozen commentaries about the UBS Puerto Rican closed end bond funds to our blog.

In Taxes, Puerto Rico Municipal Bonds and the UBS Funds we show that preferential tax treatment for Puerto Rican investments cannot justify what would otherwise be unsuitable concentrations of investors' portfolios in Puerto Rico municipal bonds. We focused our attention in that post on mainland municipal bond alternatives to Puerto Rican municipal bonds and showed that even...

Los Inversionistas Puertorriqueños No Debieron Invertir en los Fondos Puertorriqueños de UBS

(Feb 2015)

Durante el pasado año, hemos publicado en nuestro blog (aquí) una docena de comentarios sobre los fondos de bonos cerrados UBS Puerto Rico.

En nuestra entrada Impuestos, Bonos Municipales de Puerto Rico y los Fondos UBS mostramos cómo el trato preferencial impositivo que reciben las inversiones puertorriqueñas no puede justificar lo que sería un inadecuado nivel de concentración de bonos municipales de Puerto Rico en las carteras de los inversionistas. En esa entrada de blog, nos...

Enforcement Actions: Week in Review - January 2nd, 2015

(Jan 2015)

SEC ENFORCEMENT ACTIONS

SEC Announces Charges Against N.Y.-Based Firm and Three Executives Accused of Siphoning Investor Money
December 29, 2014 (Litigation Release No. 294)
The SEC has charged VERO Capital Management, its president, general counsel, and CFO with channeling investors' money into a side venture. Robert Geiger, George Barbaresi and Steven Downey managed a pair of funds invested primarily in mortgage-backed securities at VERO Capital Management. The SEC alleges that, while in...

Enforcement Actions: Week in Review - December 19th, 2014

(Dec 2014)

SEC ENFORCEMENT ACTIONS

SEC Charges Massachusetts-Based Scientific Instruments Manufacturer with FCPA Violations Rules
December 15, 2014 (Litigation Release No. 280)
The SEC charged Bruker Corporation approximately $2.4 million for violating the Foreign Corrupt Practices Act (FCPA). Bruker Corporation had insufficient internal controls which lead to approximately $230,000 in improper payments to various Chinese government officials. The improper payments enabled Bruker to realize...

El Costo de 15 Días para los Clientes de UBS en Puerto Rico fue por Encima de $1 Billón

(Dec 2014)

En las últimas entradas a nuestro blog hemos demostrado que UBS suscribió $1.7 billones en bonos inmercadeables de la Administración de los Sistemas de Retiro (ASR) y los compró para colocarlos en sus Fondos UBS PR. Usted puede encontrar nuestra entrada anterior aquí. UBS creo cupo para estos bonos de la ASR al vender otros bonos no suscritos por UBS. UBS compró los bonos que suscribió de la ASR en el 2008 porque nadie más los compraría.

Recientemente, habíamos ilustrado como el conflicto de...

15 Days in Puerto Rico Cost UBS Clients Over $1 Billion

(Dec 2014)

We've shown in recent posts that UBS underwrote $1.7 billion of unmarketable ERS bonds and bought them into the UBS PR Funds. You can find our earlier blog posts here. UBS made room these ERS bonds by selling out of the Funds other bonds UBS didn't underwrite. UBS bought the ERS bonds it underwrote in 2008 because there was no other market for the bonds it was underwriting.

Recently we illustrated how UBS-underwritten conflicted bonds purchased by UBS into the funds in 2008 caused losses in...

En el 2007 y 2008, Los Fondos UBS PR También Compraron $1.35 Billones en Bonos de la COFINA Suscritos por UBS

(Nov 2014)

Ayer demostramos que en el 2008, UBS suscribió $1.7 billones de bonos inmercadeables de la ASR y los compró para sus Fondos UBS PR, disponible aquí. Hoy, mostraremos que del año 2007 al año 2008 conflictos similares llevaron a UBS a suscribir bonos inmercadeables de la Corporación del Fondo de Interés Apremiante (COFINA) para colocarlos en sus Fondos.

COFINA Serie 2007A

El banco de inversión UBS fue uno de los diecinueve co-suscritores de los $2.7 billones de bonos Serie A dirigidos a...

UBS PR Funds Also Bought $1.35 Billion of UBS Underwritten COFINA Bonds in 2007 and 2008

(Nov 2014)

Yesterday in our post "UBS Succumbed to Conflicts and Purchased $1.7 Billion of Employee Retirement System Bonds into its Puerto Rican Municipal bond Funds in 2008", we showed that UBS underwrote $1.7 billion of unmarketable ERS bonds and bought them into the UBS PR Funds in 2008. Today, we show similar conflicts led UBS to underwrite unmarketable 2007 and 2008 Puerto Rico Sales Tax Financing Corporation (COFINA) bonds and stuff them into the Funds. COFINA issued two series of bonds in 2007...

UBS Succumbed to Conflicts and Purchased $1.7 Billion of Employee Retirement System Bonds into its Puerto Rican Municipal bond Funds in 2008

(Nov 2014)

In today's post we show that UBS underwrote unmarketable Employee Retirement System bonds and bought them into the UBS Funds in 2008. Friday, we'll show similar conflicts led UBS to underwrite unmarketable 2008 COFINA bonds and then stuff them into the UBS Funds.

The Puerto Rican Employee Retirement System was acutely and chronically underfunded. Figure 1 is a plot of the PR funding ratio and the median of the 50 states' funding ratios. The states median funding ratio fluctuated between 80%...

En el 2008, UBS Sucumbe Ante Conflictos y Compra $1.7 Billones en Bonos de la Administración de los Sistemas de Retiro para Colocarlos en sus Fondos de Bonos Municipales de Puerto Rico

(Nov 2014)

En la entrada de hoy mostraremos cómo en el 2008 UBS suscribió bonos inmercadeables de la Administración de los Sistemas de Retiro y luego los compró para colocarlos en Fondos UBS. El viernes mostraremos cómo conflictos similares llevaron a UBS a suscribir bonos inmercadeables de la COFINA para luego colocarlos nuevamente en Fondos UBS.

El sistema de retiro de empleados de Puerto Rico estaba grave y crónicamente sin recursos suficientes para mantener el pago de sus obligaciones. El Gráfico 1...

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