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Take it ahead on our earnings today after reporting losses of more than 315 million dollars over the botched FaceBook IPO of the -- -- losses were not material yet.
They're looking to see you.
The NASDAQ try desperate as the fall in the story very closely.
Scary about about this we should point out the NASDAQ is is up today.
Kind of down today that's that's kind of the Justine and on days of -- day where.
They may get sued for 300 maybe -- needed UBS hasn't decided hasn't filed suit yet.
But there's -- they're obviously Saber rattling on the same illustrative of the million -- this kind of there's a fascinating story I think.
People investors should.
He key to this story because it tells you just how much companies you know I'm not gonna close to live -- do mislead investors okay.
About a who about a month ago some like -- three weeks ago.
There were reports that we're index -- believe that -- that that they that UBS lost 350.
Million or more than anybody else.
On the on the on the botched FaceBook IPO right.
Immediately after that.
UBS came out with -- statement -- their losses were immaterial.
-- you know so the kind of no number just immature immature you were entering to fifty million is immaterial number it's a lot of money and on top of that we put a -- to -- obeyed the these securities analyst.
And what they told us and we did Astoria -- -- recover reports in this that he talked to people at UBS is that yes it's immaterial at its its markets minor of these -- tiny.
That didn't UBS people told -- -- -- a tiny amount.
Not that big -- deal OK so now what do we have today.
Flick fast forward a month later or through weeks later and this sort of immaterial loss comes out and yes it's 350 million dollars and if you're small investor.
These -- the weasel words they use now we should point out that the SEC securities exchange commission is monitoring this that this whole issue why they do is -- what up.
-- markets are much since an investigation they they do know.
What's going on here.
The SEC what worries about disclosure some companies particularly public companies companies -- stock.
UBS is a foreign bank -- believe they have eighty -- trading in the US so they come under the SEC's provisions.
And whether or not I with what with what I've told they're looking -- is part of a whole.
-- -- including whether you know and the didn't NASDAQ can be sued for that much money there's sort of life limits to the liability here.
Our parliament finally the in this case it would it would exchange you have a contractual there's a contractual thing and the SEC's study -- contractual relation between.
The on the writer which UBS was on a FaceBook IPO.
And and and the NASDAQ -- sit there and also yet to prove gross negligence so there's a lot of things of the SEC's look at that it would apparel also.
Look at this whole notion of -- reality.
Was is the trinity million dollars material number that they should disclosed early should they put up that statement that seemed to mislead the market to tell you.
That people they feels like he's misled right now insurance and other people feel that -- -- put out misleading misleading information.
I -- say this this is an agency story it's the second half of this and it's and it's and you know -- It tells the small investor.
Buyer beware Wall Street is a tough place outside -- UBS which has a brokerage arm you should -- group they sell the small doses they don't do themselves and the market.
And and you know the business any good but putting out statements like that they could easily said no comment -- and they didn't and that that to me is something now.
They'll come back UBS and say well -- million -- whole scheme of things that you yes.
He's -- there's a chump change well it's if it's not if it's such chump change why would you put out today.
In your earnings and they that I believe the market probably at a loss that you're gonna we gonna look to recoup period of a -- million dollars -- possibly.
And interest -- story we're gonna keep following it I will say this that just from a purely legal standpoint they have an uphill battle trying to get this money.
-- to prove gross negligence is bad is the ME -- at NASDAQ was.
In doing this.
I just on the Bob rifle purposely wanted -- -- just ignored every warning sign and -- who want to this group and -- -- FaceBook IPO.
That's what we are right now I -- more of this particularly what the SEC where they may go with this I'm gonna come back on later today.
All the until 5 o'clock c'mon back I will -- -- -- you're you're out of the fire out yeah OK yeah I was that would keep -- -- -- -- back tightening drinks -- at five -- -- Oh yep that's actually happening yes all right Kelly -- and thank you very much.
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