UBS's Failure-To-Deliver: A Harbinger Of A Systemic Financial Catastrophe?

The recent fiasco with UBS Securities and DTCC goes beyond bad business; it’s a betrayal of trust at the heart of our financial system. DTCC, a major player in the clearing and settlement of securities, allegedly deleted the CUSIP Numbers for the bonds in question, effectively erasing the record of these bonds. By hiding vital information, these giants, with the SEC’s complicity, have pushed us dangerously close to an economic disaster. It’s a serious demonstration of incompetence and deceit in which our livelihoods (not those of the people in charge) are at stake.