LONDON - UBS is going the extra mile to appease authorities and set things right with its clients. The Swiss bank made the reputation-saving move on Friday to outdo its rivals and buy back billions in auction-rate securities. UBS is in discussions to buy back auction-rate securities worth $18.6 billion, plus a $150.0 million fine in the investigation led by New York Attorney General Andrew Cuomo, as well as $75.0 million to other regulatory agencies. That's on top of $3.5 billion the bank has already agreed to buy back from clients. "What we've established is the institutions are responsible," Cuomo told the Associated Press. "People will get their money, and get it back in the immediate future." UBS has agreed to repurchase the bond-like securities from its retail customers, charities and small and mid-size businesses...
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