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The article reports that the pharmaceutical company GlaxoSmithKline PLC is giving government health care systems a role in determining which drugs it will prioritize in its research. The company has invited the leaders of health care systems in Europe, where almost all medical care is a public service, to comment on drugs during research and to state which they would prefer to see come to market.

The article discusses challenges facing UBS AG chairman Peter Kurer. The U.S. government is demanding that UBS release information about US. citizens suspected of tax evasion. Since October, 2007 the firm has recorded $38 billion in writedowns, with potentially more on the way. Shares in UBS hit a ten-year low on July 1, 2008.

The article reports that some bonds issued by Lehman Brothers Holdings Inc. appreciated in value, even though shares of Lehman fell after the firm removed its chief financial officer, Erin Callan. The relative stability in bond prices is perceived as an indication that investors do not believe the U.S. Federal Reserve will allow Lehman to fail.

The article discusses circumstances surrounding the dismissal of Wachovia Corp. chief executive Ken Thompson. Thompson had long enjoyed the support of Wachovia board member Lanty L. Smith, who ultimately worked for Thompson's ouster. Another board member, Wallace D. Malone Jr., engaged in a year-long letter-writing campaign that assailed Thompson for destroying shareholder value.

The article reports that the U.S. Department of Justice has gained the cooperation of former UBS AG banker Bradley Birkenfeld in its investigation of tax evasion by wealthy Americans. UBS is alleged to have been involved with shielding assets from the U.S. Internal Revenue Service through connections in Liechtenstein.

The article presents results of a study by the publication that indicates several major banks have engaged in practices resulting in unusually low LIBOR dollar rates. Citigroup, Inc., J.P. Morgan Chase & Co., and UBS Ag are among firms believed to have understated their true borrowing costs for LIBOR.

The article reports that Bradley Birkenfeld, a former employee of UBS AG, and financial adviser Mario Staggl, have been indicted by the U.S. Justice Department on charges they aided clients in tax-evasion schemes. The two men offered financial services to the extremely wealthy. The case is expected to lead to more indictments, and will damage private banking services, a core business of UBS.

The article reports that the U.S. Justice Department will subpoena the Swiss bank UBS AG for the names of wealthy American clients who may have used its services to evade income taxes. Bradley Birkenfeld, a former UBS employee, has already been indicted for doing so. The subpoena is a threat to UBS's private banking operation, which is one of its most profitable businesses.

The article focuses on the hedge-fund operator Peloton Partners LLC and its head, Ron Beller. Peloton was one of the most successful hedge fund operations in the financial services industry prior to the collapse of the U.S. housing bubble. When the mortgage-backed securities held by Peloton sank in value, the firm lost over $17 billion in a matter of days, and failed in early March, 2008.

The article reports that the London interbank offered rate (Libor), the interest rate banks charge one another for short-term loans, rose significantly for the second straight day. This could result in higher interest rate costs for homeowners and corporations. Approximately $10 trillion in mortgage loans and corporate debts worldwide have their interest rates pegged to Libor.

The article reports that bankers are expressing concerns about the London inter-bank offered rate (Libor), a key element of international finance. Libor is a statement of the average short-term interest rate at which banks lend money to each other, which provides an indicator of their financial health. Trillions of dollars of global debts have their interest rates reset by Libor. Bankers suspect that banks in distress are not accurately stating how much they are paying for short-term loans.

The article reports that major banks are taking advantage of slightly improved conditions in credit markets to sell some of the risky loans and securities tied to the collapse of the U.S. housing bubble. The sales are possible only because the banks are willing to take a loss on the sales. The banks still hold hundreds of billions of dollars worth of such assets they may not be able to sell. The banks are using those assets as collateral for loans from the U.S. Federal Reserve Board.

The article reports that U.S. stock prices rose dramatically on reports that two major financial services companies had acquired new sources of capital. The Dow Jones Industrial Average was up 3.2 percent. Lehman Brothers Holdings Inc. said investors were prepared to give it more capital. The Swiss bank UBS AG announced the sale of $15 billion in preferred stock. The company's stock rose 15 percent despite the fact it also announced $19 billion in losses created by the credit crisis.

The article focuses on the problems posed for the management of major banks by persistent rumors in financial markets that some of them face severe liquidity and solvency issues. The stock price of the British mortgage loan firm HBOS PLC fluctuated wildly in response to rumors about a cash shortage which were denied officially by the Bank of England.

The article examines tensions in the world banking industry. In the wake of the ongoing credit crisis created by the fall in U.S. housing prices, banks are unsure which of their counterparties have either the cash or liquidity to meet financial obligations. The large Swiss bank UBS AG has attempted to sell its entire portfolio of mortgage-backed securities, but has found no buyers. Citadel Investment Group and Pacific Investment Management Co. both rejected the proposal.

The article reports that many bankers in the U.S. and other countries now believe the financial crisis in credit markets caused by the fall in U.S. housing prices will be longer and deeper than previously expected. The sale of Bear Stearns to J.P. Morgan Chase for the low price of $2 a share has heightened worry. Many financial services firms report their earnings for the first quarter of 2008 from March 17-21, 2008, which could either increase or lessen the anxiety.

The article discusses hedge fund manager Peloton Partners LLP. Founded by Ron Beller and Geoffrey Grant in 2005, the firm's ABS fund achieved an 87% gain in 2007. In February of 2008, however, investors were informed that significant losses in mortgage-related investments compelled a sale of the fund's assets.

The article reports that difficult credit market conditions have begun to affect debt issued by large corporations. Indices tracking the cost of instruments that insure such debt against default are at record highs. Until recently investment-grade debt from large firms had escaped the volatility overtaking other credit markets.

The article discusses an announcement by Credit Suisse Group that it would take a $2.85 billion writedown on debt securities it holds. Simultaneously the firm suspended several of its traders. Chief executive Brady Dougan, who has sought to better control risk-taking at Credit Suisse, was said to be upset by the writedown.

The article discusses the decision by U.K. Prime Minister Gordon Brown to nationalize mortgage lender Northern Rock PLC. Northern Rock has incurred debts to the government that total over $48.7 billion. Brown's decision is a risky one politically, as it could end up imposing a burden on U.K. taxpayers.

The article discusses the investment banking operation of UBS AG. It is expected that Morgan Stanley veteran Jerker M. Johansson will be appointed as head of the unit. However, UBS has warned that it will have to take significant writedowns as a result of investment banking activity, and some speculate the firm could sell the operation.

The article discusses the prospect of continuing challenges to global credit markets. A decline in the value of low-rated corporate bonds may prompt banks to sell them for whatever price they can obtain. Additionally, investors are showing little appetite for purchasing securities backed by student loans and municipal bonds.

The article details the illicit activities of junior futures trader Jérôme Kerviel leading up to his record-breaking losses for his employer, French bank Société Générale. His practice of taking large unauthorized bets and covering them up with fictitious transactions is discussed.

The article reports on a January 2008 announcement from the Swiss bank UBS AG. In the announcement the bank indicated that its 2007 losses from involvement with subprime mortgages will be $4 billion more than it had previously thought, and that it would take its third writedown in four months, which would bring the financial total of its writedowns to $18.4 billion for 2007.

The article focuses on discussions which are being held by the board of directors of the French bank Société Générale. The discussions are being held to determine whether the bank's chairman and co- chief executive Daniel Bouton will be asked to leave. The discussions were the result of a $7.2 billion trading loss the bank suffered as the result of fraudulent trades which were conducted by Jérôme Kerviel, a stock futures trader.

The article reports on missed opportunities that the French bank Société Générale, had to apprehend a rogue trader who used fraud which resulted in the bank incurring $7.2 billion in losses. A discussion of the methods which the rogue trader, identified as Jérôme Kerviel, used to cause the largest individual trading hit in banking history, is presented. .

The article discusses the case of Jerome Kerviel, a trader with French firm Societe Generale who is accused of having made hundreds of thousands of trades on stock index futures that ended up costing the firm over $7 billion dollars. It is believed he managed to operate for months without being detected because of his status within the company as a low-level trader. INSET: The Ghost Trader.

The article profiles Jérôme Kerviel, who made huge unauthorized trades by hacking into computers that cost France's Société Générale $7.2 billion dollars. A discussion of a multi million dollar infusion of cash which the bank is seeking to repair damage caused by Kerviel is presented.

The article reports on an increase in defaults and other financial problems British banks, including Lloyds TBS Group and Barclays Bank PLC, are facing in 2008 as a result of an increase in mortgage payment amounts and a decline in the country's housing market. The similarities of British banks and U.S. banks, who have also faced problems due to the housing market, are discussed.

The article discusses a hedge fund owned by trader Alec Litowitz and his Magnetar Capital. Litowitz allowed the creation of collateralized debt obligations (CDOs), which are large packages of subprime-mortgage securities and derivatives grouped together and sold in chunks to global investors. Magnetar sold $30 billion worth of these packages in 2006-07. The author states that many of these packages got liquidated causing major losses on Wall Street.

The article focuses on an increase in the number of banks in Europe and the U.S., including HSBC Holdings PLC and Citigroup Inc., that are, in 2007, considering selling branches or entire banking units in an effort to make sure that their finances remain stable in 2008. The banks feel that the credit crisis of 2007 may continue in 2008 and they want to protect themselves from further financial damage.

The article focuses on Norma CDO I Ltd., a consolidated debt obligation mortgage backed investment tool that was created by Merrill Lynch & Co. A discussion of the role Norma and other mortgage backed investment tools similar to it played in the subprime mortgage crisis of 2006 and 2007 which was seen in the United States, is presented.

The article focuses on the December decision of the Swiss bank UBS to write down its subprime mortgage investments by $10 billion more than it had planned, and on the role the ABX index played in the decision. Prior to making the decision the bank looked to the index, which tracks the value of securities backed by subprime home loans, to see whether it should take the additional writedown.

The article focuses on a $10 billion write down which was seen at the Swiss bank UBS as a result of its involvement with subprime mortgage loans, and on an $11.5 billion bailout which the bank received from the government investment arm of Singapore and an unnamed Middle Eastern investor. Concerns about the financial status of other banks which were raised after the announcement of the write down and bailout are discussed.

The article focuses on the British bank HSBC Holdings PLC, which became, in November of 2007, the first known bank to bail out specialized funds known as structured investment vehicles (SIVs). A discussion of the bank's plans to gradually shut down two bank sponsored SIVs and take $45 billion in mortgage backed securities and other assets owned by the funds onto its own balance sheet is presented. Problems which have plagued SIVs are discussed.

The article discusses problems faced by European banks. The cost of short-term capital has risen substantially since January, 2007. Banks have become reluctant to lend to each other as they stockpile cash against possible future distress caused by mortgage-backed securities. The European Central Bank has sought to ameliorate the situation by injecting cash into the system.

The article focuses on the difficulties Citigroup Inc. is having in trying to replace its former chief executive officer Charles Prince, who steeped down following an announcement from the bank that it was facing as much as $11 billion in losses from the credit crunch. A discussion of the candidates for the position, including Fred Goodwin and Vikram Pandit, and of the search committee, which includes Richard Parsons and Alain Belda, is presented.

The article reports that more financial losses caused by the failing subprime mortgage industry are likely. After the losses linked to mortgaged-backed securities, banks such as UBS AG, Citigroup Inc., and Britain's Barclays PLC are expecting more write-downs because of shifting markets and incorrect assumptions. Bank investors are likely to wait out this write-down period to attain more transparency.

The author reports on the impact which the 2007 third quarter earnings for the U.S. portion of HSBC Holdings PLC, HSBC Americas Inc., may have on the U.S. financial industry. The way in which HSBC America has been able to predict financial problems in the past is discussed. Implications on the U.S. economy which may occur due to the third quarter earnings report of HSBC America are mentioned.

The article focuses on pressure that a rescue plan for investment funds called structured investment vehicles, which was initiated by Citigroup Inc., Bank of America Corp. and J.P. Morgan Chase & Co., is under in November of 2007. The plan is under pressure because Moody's Investors said the funds were liquidating assets to meet their financial commitments

The article presents a profile of Sir Win Bischoff, the interim chief executive of Citigroup Inc., who was appointed to his position at the bank following the departure of former chief executive Charles Prince, who has been linked to an $8 billion to $11 billion loss at the bank. A discussion of Bischoff's career, education, and reputation in the banking community is presented.

The article focuses on the factors which are responsible for Citigroup Inc. having difficulties finding the exact amount of financial losses which were caused by its former chief executive officer Charles Prince's handling of collateralized debt obligations which were linked to subprime mortgage investments.

The article reports on the departure of two prominent chief executive officers, Stan O'Neal of Merrill Lynch, and Charles Prince of Citigroup Inc., which were seen in October in the U.S. A discussion of the factors which led to the departures, including a perform or be replaced culture which exists in Wall Street financial firms. is presented. The replacement search for both executives is discussed.

The article reports on the resignation of Citigroup Inc.'s chief executive officer Charles Prince, which followed an announcement from the bank that it had lost between $8 billion and $11 billion related to subprime mortgages. A discussion of the bank's decision to make Sir Win Bischoff as interim chief executive and Robert Rubin as chairman is discussed. Difficulties the bank will face as a result of the mortgage related loses, and in finding a replacement for Prince, are discussed.

The article focuses on difficulties Robert Rubin will face in his new role of interim chief executive at Citigroup Inc. A discussion of the strategy Rubin plans to use to deal with a $8 billion to $11 billion loss which the company suffered as a result of its former chief executive Charles Prince's handling of subprime mortgage investments, is presented.

The article focuses on the serious impact a large drop in stock market indexes in the U.S. which was seen on November 1, 2007 has had on banks, including Citigroup Inc, and brokerage firms, including GMAC, in the United States. A discussion of the factors which led to the drop, including concerns from investors linked to poorly performing financial firms, is presented.

The article focuses on accounting concerns which have been raised for Citigroup Inc. as a result of its involvement in an $80 billion rescue fund for the U.S. credit market. Citigroup, J.P. Morgan Chase & Co. and Bank of America Corp have created the fund which will use structured investment vehicles (SIVs), and several accounting firms have questioned whether Citigroup and the other banks need to account for the SIVs on their own balance sheets.

The article reports that critics are taking bond rating companies such as Moody's Corp. and Standard & Poor's to task for not responding promptly in their assessment of bonds backed by collateralized debt obligations, or CDOs. Problems with subprime mortgage investments that back the bonds have caused such bonds' ratings to move from AAA to junk. A discussion of Merrill Lynch & Co.'s $8.4 billion write downs is presented.

The article reports on a $8.4 billion credit loss which Merrill Lynch & Co. is seeing in 2007 as a result of its involvement in collateralized debt obligations that were begun by the company's former chief executive Christopher Ricciardi in 2003. A discussion of several other corporations, including UBS and Citigroup Inc., which have lost large amounts of money as a result of the debt market crisis, is presented.

The article focuses on efforts which are being made by the U.S. Treasury and some of the world's largest banks in 2007 to prevent the collapse of an entire class of investment funds called structured investment vehicles, which were created by two London, England bankers, Nicholas Sossidis and Stephen Partridge-Hicks. Problems which have led to the near collapse are discussed.