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How to Bet on Baseball

So, as long as your chosen pitcher starts, you will have an active bet.

Listed Pitcher: When you are going to bet on a baseball game with listed pitchers, the ones listed for the two teams must start the game, and a pitcher is said to have started a match after throwing the initial pitch for his team. Michael writes about his experience and offers tips for other aspiring entrepreneurs who wish to make a living with sports bookmaking.

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Price Per Head

Author’s Bio: 

Run Lines:

This one is very similar to a point spread; the difference is that in baseball you are dealing with runs and not points.

Money Lines:

This is the first element we should analyze.


Here you are betting on the combined number of runs accumulated by both teams at the end of a given game, and on baseball, runs on extra innings will also count  when the game has gone over nine innings.

Even though it is said that you can get better profits when wagering on baseball, most people will avoid placing wagers on this sport because the betting lines might appear a bit different than the regular point spread, and because we want to shed some light on the subject, we have created this article.

On the other hand, if you were to bet on a 20 cent line, you would be getting a +125 line on Milwaukee, which means fewer profits, and even though it doesn’t sound as a lot of cash, when it comes to losing 10 cents on every dollar during a full baseball season, losses can be considerable.


A betting line on baseball will always depend largely on who the listed pitchers for the game are, and you are offered four different options:

Michael Hill is an avid sports fan and a sports writer who has been in the betting and price per head industry for years. In the event of one of the listed pitchers not starting, then the wager is voided and the funds are returned to the player.

. In baseball, an experienced bettor will always go for the  “Dime Line”, which is a line with a ten cent difference between the favorite and the underdog (for example, a bet with the Angels  as favorites at -145 and the Brewers as underdogs at +135.

Team action against a listed pitcher: This one is very similar to the previous one, the only difference is that here you need the opposite listed pitcher to start the game, the one for your chosen team can vary and you will still have action.

Team action: This option allows you place a wager that doesn’t depend on pitchers, although if there is a change in listed pitchers, the odds might vary.

Specifying a pitcher: When you bet using this option, you need to choose the pitcher for the team you are betting on, the one for the other team might vary

Sports Arbitrage – RebelBetting

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U.S. History: Income Distribution and Reaganomics

Harrison and Bluestone define what is usually considered the middle-class income earners, as those making $20,000 to $50,000 annually. New employees would only receive 75 to 80-percent of the normal wage during a probation period (the probation period usually equated to the business’s employee turnover period). Benefit packages for these contingency employees were either non-existent or at least small enough to still keep labor costs low. Reaganomics, in effect, was a program to strengthen business and industry while weakening the power of organized labor, reduce federal spending on other than military programs, reduce taxes, and regulatory abatement. Reminiscent of the 1920’s and 1930’s, the middle class, formerly the largest class of the post WWII through the Vietnam War era has also been ever decreasing in size. The existence of the Pension Benefit Guarantee Corporation (PBGC) also quieted union members by insuring the benefits of workers displaced when companies went bankrupt or their pension plans go bust.

The total amount borrowed by consumers nearly doubled between 1981 and 1986, from $394 Billion to $739 Billion. It became a joke to say, “We are spending money to help the economy.” Consumer borrowing doubled between 1981 and 1986, from $394 Billion to $739 Billion. At the end of the Carter Era the GINI Index before taxes was (.403) and (.352) after taxes. lost one out of three heavy industrial jobs.

Reaganomics Debate:Inequality in Income Distribution, Government Policies and Corporate Restructuring

Mountains of paper have been written about the economic period of the 1980’s, coined Reaganomics. The same act that affirmed the right to organize but gave the NLRB the job of certifying whether or not a union was to be considered “officially” recognized. Keeping labor costs from rising is not the only reason that U.S. The groundwork for Reaganomics policies was put in place well before his time.

Contingency labor pools were (and still are) not organized under a union. This act also weakened union power by outlawing mass picketing, secondary strikes on neutral employers, and sit-downs. Families filing chapter 13 of the Bankruptcy Code grew from an average of less than 39,000 per year (1975-1980) to almost 95,000 a year (1981-1984) (Harrison & Bluestone 152).In effect, most Americans during the Reagan Years went into debt. By the mid-1970’s global competition was eating away at American business profits. This article will discuss one particular facet of the Reaganomics debate; the issue of inequality in income distribution in America as a result of a turn-around in government policies combined with corporate restructuring.

Social deregulation, as described by Harrison and Bluestone, was a true innovation of the Reagan Administration. The result of this program was a softening of safety and environmental regulations to ease the burden on industry. The GINI Index numbers support this disparity. In some cases businesses just simply got out of the production end and found alternate “ways of making paper profits” or found other ways to reduce labor costs.

There is plenty of material to argue whether or not Reaganomics was an economic success or an economic blunder. Contingency labor included part-time and temporary employees. Employment in the manufacturing area fell seven-percent between 1968 and 1979, continuing to fall twelve-percent more through the 1980’s and 1990’s (Slater 143). This was more than $1,740 less than they would have received based on 1968 income levels (Harrison & Bluestone 131). To continue the weakening of the labor pool, the Reaganites engineered the recessions of 1980 and 1981-2 to under-cut labor organizations while contributing to the corporate bottom line (Harrison & Bluestone 14). As a result of these actions, profit margins rose steadily, yet average wages for families has decreased or at best has somewhat frozen in place.

In Thomas Geoghegan’s book, Which Side Are You On? Trying To Be For Labor When It’s Flat on Its Back, two pieces of legislation are discussed as the beginning of the end for organized labor began with the 1935 Wagner Act and the National Labor relations Board (NLRB). They provided (and still do) flexibility to tailor their work force needs to the production needs. Additionally, in 1947 and the passing of Taft-Hartley, labor could no longer organize on the scale of unions of the 1930’s. They increased offshore investments and began outsourcing for labor and manufacturing in search of the lowest labor and production costs.

Of course there are many supporters of Reaganomics that will produce statistics showing how the GNP was sustained during the 1980’s; there is really no mystery here. Often it’s stated that the Reagan Administration was trying to reduce the double-digit inflation of 1980 and turn around the falling rate of production. The richest 20-percent received $5,600 more per year in 1986, than they would have based on 1968 monetary values (Harrison & Bluestone 131). This living on debt and buying time was sufficient to fuel a short-term recovery (Harrison & Bluestone 147). Double income families were not a uniqueness of the lowest income earners, middle-class America also lost, or at least sustained, buying power during the 1980’s. The results of these policies directly impacted the redistribution of income in favor of the higher income group (Harrison & Bluestone 162).

Deregulation under Carter and Reagan opened the industries of steel, automotive, carpenters, and trucking to what Geoghegan called gypsies – small owner operators (Geoghegan 139). A major part of Reagan’s policy was to enhance the military complex in order to stay ahead of the perceived communist threat.  Reaganomic policies, though we can’t forget some initial deregulation efforts instituted during the Carter years, reversed what had been accomplished prior to the 1970’s (Harrison & Bluestone 79). Yet, no real credible argument has been made that the Reagan years did anything to improve the equality of income distribution. More family members entered the work force in order to increase or sustain real income purchasing power. Reagan policies were designed to provide some flexibility for businesses to contain production costs, increase profits by reducing labor costs, and reducing the costs involved in meeting government standards. This included family members taking on extra jobs or moonlighting in order to make ends meet. Yet, organized labor was not the only one to feel the reduction of government support. The program included freezing the minimum wage and shifting against federal protection of workers’ rights and unions. DOD spending doubled $134 billion in 1980 to $282 billion in 1987 (Harrison & Bluestone 149). Both sides of the Reaganomic fence provide more than enough evidence in support of the argument that says: lower and middle class America lost significant ground during the 1980’s. This group shrank from 53-percent in 1973 to 47.9-percent in 1984. Revolving installment credit grew from $55 billion in 1980 to more than $128 billion in 1986 (Harrison & Bluestone 149). Who paid for the improvements in American business during the 1980’s? The lower 60% of American workers paid for these improvements through the reductions in the real purchasing power of their income.

Final Word

The counter argument against these income disparity issues is attributed by some as simply a matter of normal business cycles.

From 1969 – 1980 (prior to Reaganomics) wage cuts and freezes were “practically non-existent” (Harrison & Bluestone 39). Fulltime manning was drastically reduced in watchdog agencies tasked to monitor the various industries. firms have gone abroad to set up assembly or service operations. Therefore, it’s not too surprising to see the average American family would not be to upset if union organizations were losing ground. Some firms have done so to improve their chance of selling to foreign markets or to take advantage of foreign government incentives (taxes) (Harrison & Bluestone 31).

This article focused on one particular facet of the Reaganomics debate; the issue of inequality in income distribution in America as a result of a turn-around in government policies combined with corporate restructuring. Union bureaucracy began to rival that of the federal and state court systems (Geoghegan 86-7).

But what is the cost of these outsourcing? The result of reductions in domestic production and outsourcing was a reduction in U.S. I must add at this point that the “U-turn” in America’s economics actually began during the 1970’s; Reagan only sped up and expanded the process significantly (“U-turn”- the term used by Bluestone and Harrison to describe the reversal of fortune of the labor forces and the shrinking middle class).

From 1973 to 1986 average wages have dropped in buying power by nearly 14-percent (Harrison & Bluestone 113).In 1986, the average annual income of the poorest 20-percent of all families was $8,033. The wage-gap between the America lower income group and the upper or rich America group has been ever increasing. U.S. Either there exists a significant polarization of income distribution around the middle-class or the middle-class is now what used to be the lower-end of the upper-class income.

Part of the Reagan plan was a reduction in taxes. Employment in mining actually rose until 1981 only to fall nearly in half during the 1980’s through the 1990’s (Slater 129).

Geoghegan believes that part of the weakening of unions also has to do with a lack of sympathy by the average family. But most of all, during the Reagan year’s people went into debt.

Reagan was not the only one conducting a reduction program. Reaganomics as described by most, if not all economists and historians was supply-side economics; however, this in itself doesn’t really explain Reaganomics because of what actually happened. Also on the hit list for Reaganomics, was the reduction of social programs.

Geoghegan, a former labor attorney, tells of his experiences dealing with organized labor, how and why it has lost its ability to fight. As a result, the traditional one-income household was no longer sufficient to keep up with the family economic needs. The reduced costs resulting from relocating no-skill jobs, low-skill jobs, assembly, and manufacturing operations to low wage areas, validated the practice of outsourcing. One argument presented to explain this problem is that the “low wage explosion is mostly a statistical illusion, reflecting the impact of inflation and recession on workers’ earnings (Geoghegan 124).” Another proposal is to attribute the problem to a large influx of baby boomers into the work force. Ronald Reagan’s supporters credit him as being the great savior of the American economy; his critics’ credit his policies for creating the destruction of labor and gambling away the future of the American economy through massive increases in the federal deficit. Yet, the cost to the average American laborer during that era and continuing into the next administration was what gave Reaganomics its negative reputation.

Creative wage reduction programs such as the two-tier pay system and conversion of a percentage of full-time employees to contingency labor employees (part-time and temporary employees) or a combination of methods became (and are still) the normal practice. As Harrison and Bluestone state it, “Globalization of production was no longer supplementing domestic manufacturing but replacing it (Harrison & Bluestone 28).” Restructuring involved creating multinational corporations with its headquarters and support functions in the major capitalist countries. production employment. By the late 1980s the before tax GINI Index was (.423) with the after taxes GINI as (.404). Salaries and benefits of corporate CEOs as compared to the average factory workers were 30 times higher in1980 and reached 130-140 times higher in 1991 (Krugman 262). And, of course, both sides of the argument will present evidence in support of their positions. The two-tier wage system allowed reduced wages for employees during the new worker’s first few weeks or months of the normal probation period. With the weakening of organized labor by deregulation, businesses began experimenting with organizational changes to include work, labor, management relations, and flexible arrangements with employees, subcontractors, otherwise known as corporate restructuring.

Ronald Reagan’s laissez-faire government policies, reminiscent of the 1920’s, included legislative and legal actions that severely hampered organized labor. According to data published in Krugman’s book, Peddling Prosperity: Economic Sense and Nonsense in the Age of Diminished Expectations, income data for the period reflects that the tax reductions during the 1980s actually cost the lower 60-percent income groups, while the top 40-percent income groups saw monetary increases (Krugman 24-5). This shows that there was a higher distribution of income in the hands of fewer people (Krugman 25).

If labor had not been weakened enough by the high unemployment levels in the late 1970’s, Reagan’s firming of the PATCO members sent a clear message to not only the unions, but also to the courts as to his lack of support for organized labor. During the 1970’s the average family income was $24,000, while the average steelworker was making $40,000. However, the benefactors of the tax reduction were not the majority of wage earners. His experience through the late 1960’s and 1970’s describes the labor movement as having become political driven organizations characterized by the same characteristics (greed, power, control, and inequality) of those they despised – Big Business. During the 1980’s, the U.S. The Government’s induced deflation, deregulation, regressive tax reform, privatization, and “union bashing” have contributed to new corporate strategies and the inequality of income distribution in America (Harrison & Bluestone 16). Strangely enough, this period seems to be the era of debt for both the government and the American income earners. Since employee turnover is highest during the first few months of employment, businesses could save at least 20 to 25-percent of the wages they would have paid to an employee during that same period.

While Presidents Reagan and Bush froze the minimum wage level for a nine-year period, essentially cutting pay each year as inflation bit into lower wage earners, the salaries of executives skyrocketed during the 80’s. During this period the government went on a spending spree financed by the deficit. After 1980, the purchasing power of lower-class wage earners through middle-class wage earners degraded throughout the period. The “engineered recession” of 1980 and 1981-2, along with reductions in social welfare programs contributed to this “great U-turn” in the standard of living of most Americans, employed as well as unemployed, middle managers as well as blue collar workers (Harrison & Bluestone viii). Harrison and Bluestone call the Reagan Administration “the single greatest gift to the business community” (Harrison & Bluestone 102). A further major benefit of these creative pay systems was that they provided a way to avoid unions or at least keep the impact of union actions at a minimum. Many of the nation’s economic critics saw the policies of Reaganomics as short-term answers to a long-term problem by borrowing against the nation’s future.

To better compete in a global economy, US industries adopted a program of “restructuring”. However, after accounting for the business cycle, for productivity, and for the shrinkage of manufacturing jobs, the growing proportion of baby boomers in the work force contributes nothing to an explanation of low wages. As Geoghegan puts it, the Taft-Hartley led to union busting.. The inequality of income is not limited to only a specific age group (Harrison & Bluestone 125).

The Government economic policies supporting deregulation and the concept of privatization of government services were actually taken initially between the years 1968-1978. According to Krugman, these salaries did not come primarily from greater profits, but from a larger slice of the profits.

Since the mid-1960’s through the 1990’s, Americans have been getting poorer and poorer. These methods provided a way of reducing full-time labor wage costs, which included a reduction in employee benefits cost. Families expanded their use of “plastic money” even faster. Credit card use grew from $55 billion in 1980 to more than $128 billion in 1986 (Harrison & Bluestone 149).Families filing chapter 13 of the Bankruptcy Code grew from an average of less than 39,000 per year (1975-1980) to almost 95,000 a year (1981-1984) (Harrison & Bluestone 152).

Any discussion on Reaganomics should always contain a definition of Reaganomics so let’s get that out of the way from the start. businesses began discarding their standard practices and shifted capital into overtly speculative ventures. The Reagan Administration simply continued this trend toward economic deregulation as initiated under Carter. “The old Teamster order collapsed and thousands of firms closed (Geoghegan 139).” During the late 1970’s and into the 1980’s, the Teamster membership fell from 2.2 million to 1.6 million

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Sports Arbitrage | Sports Arbitrage

This is an investment method. We will teach you how to effectively avoid these in the e-book. This is called sports arbitrage, and turns gambling into a solid investment method. After a while you’ll find that placing a bet only takes a few moments of your time every day, and the profits will be anything from a nice side income to a really nice living.

The method is called sports arbitrage and has been a well guarded secret for years.

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Arbitrage Profit Month 1Arbitrage Profit Month 2

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Start using the fastest, most user-friendly and most actively developed arbitrage solution today. It also helps you place your bets by using the AutoLogin and AutoSurf features that lets you find your odds and place your bets in seconds instead of minutes. If the two bookmakers have sufficiently high odds, you will be guaranteed a profit no matter who wins the game. There is a method that effectively turns sports betting into a way of investing your money, with regular profits above 10% per month. These profitable arbitrage situations happen regularly every day, often there are more situations than you can effectively use. The trick with sports arbitrage is to bet on all outcomes of a game, betting on both teams to win. You can opt out of this if you want.Trial week7 days7 daysPaid now: EUR39Paid now: EUR39Sign up1 Monthper monthTrial weekSave EUR27 or 17% compared to buying four weeks.Save EUR27 (17%)7 days32 daysPaid now: EUR39 Paid now: EUR129Sign up

As you can see, he achieved a 9% profit the first month even though making a common beginner mistake (the dip). When you’ve learned the basics, and seen for yourself that you can make some serious money, you’ll want to subscribe to the Pro version that give you access to all arbitrages. You “buy and sell” odds and the markets are two competing bookmakers. Select your plan and sign up to RebelBetting. Please note that this is not gambling, or a “betting system” that only works until your luck runs out. In the beginning you can just try it out, placing small bets until you’ve become more experienced. Remember that you can use RebelBetting Free, for as long as you want. RebelBetting is a tool that does all this for you and presents a list of arbitrages with all the information you need. In short, this is why you should get started with Sports Arbitrage Trading:

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To find the best sports arbitrages you will need to scan hundreds of web pages and thousands of odds every minute, compare them to each other and calculate if the odds result in an arbitrage opportunity or not. An experienced sports arbitrage trader making just a handful of bets every day will realistically earn 10% every month of his or her total bank roll!

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Some of the content:

Arbitrage is a well known financial practice of buying low and selling high on two different markets simultaneously, making an instant profit.

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When the match is complete, you collect your profit which is usually 2-5% of your total wager

“I’m not pro sports gambling. I’m just a realist.”

In September 2014, citing a loophole in the Department of Justice’s language about violations to PASPA, Christie issued a directive to legalize. All of them have assigned people to study the issue intensively.

” — NBA commissioner Adam Silver

THEN CAME SILVER’S op-ed. In September 2012, the NFL convened a forum in collaboration with other pro leagues, the International Olympic Committee and the NCAA to discuss best practices, law enforcement resources and the gambling industry. “Yet at the same time, we were opposing the New Jersey legislation in multiple court actions. The “defendant,” “Ginger McKenna,” was accused of facilitating illegal sports bets. “The league and many of our teams are actively engaged in the so-called daily fantasy business,” Silver says. Attorney Harris Fischman examined major U.S. Or on Silver, who gained extensive knowledge of foreign revenue models during his time overseas. “Even if they’re not betting, they’re highly aware of the betting line and over/unders.”

Studying models is one thing. “As someone who attends an enormous number of games, I’m often hearing fans talking about it,” Silver says. “I recognize that it can be very damaging to a person or a person’s family, just like other substances of potential abuse taken to extremes. gaming laws, including PASPA and the Wire Act, which prohibits any betting activity that includes wire transmissions. So were politicians. The illegal market across sports? Try 132 times that — an estimated $138.9 billion, according to the American Gaming Association. “I am very sensitive to people thinking that I’m not understanding of the downsides,” he says. And in New Zealand, sportsbook giant TAB paid more than $5 million last year in commissions to the leagues it takes wagers on.

Silver says he hasn’t set a timetable for the day when we can legally bet on a Cavaliers-Heat game. In England, bets can be placed on a smartphone, at a stadium kiosk or even using a TV remote control. I needed a forum to make it clear.”

The NBA’s pivot point on legalized gambling appeared in a Nov. It studied and researched and planned behind closed doors before it made its move. One week later, the NBA was due back in court as part of its ongoing fight to prevent New Jersey from making sports betting legal. “In light of these domestic and global trends,” he wrote, “the laws on sports betting should be changed. The NBA deal also included an equity stake in the company. In 516 words, he diagnosed the reality of sports betting in the U.S.: Federal and state laws are not stopping anyone from betting. The other leagues have — at least publicly — not wavered from their anti-legalization stance after the op-ed. You don’t have to be a cynic to think that the leagues and their owners want a piece of that very big betting pie.

When asked about the support he’s getting from other leagues, Silver says, “I have talked to the commissioners in the other leagues about it, and I leave it to them to make any public statements they want to make on it. Congress should adopt a federal framework that allows states to authorize betting on professional sports, subject to strict regulatory requirements and technological safeguards.”

In the meantime, Silver is willing to take the lead on an issue that some liken to the legalization of marijuana — socially acceptable but mostly illegal. “I felt the need to explain why I had made other statements acknowledging that I thought sports betting should be legalized,” Silver says. “Then we began getting approached by sports-betting companies outside of the United States, where it’s legal, to do business with them. “We have studied the New Zealand model and other models in other jurisdictions,” he says.

And so after taking over for Stern last February, Silver wasted little time implementing his approach. “We did everything possible to encourage it while publicly condemning gambling. In March, two NBA attorneys attended a mock sports-betting trial put on by gaming attorney Jeff Ifrah at iGaming North America at Planet Hollywood in Las Vegas. But you can bet all interested parties — the other leagues, the states, the bookmakers, the bettors — are following the developments as closely as they would a point spread.. There also have been other, more private confabs involving high-ranking advisers to the leagues. In those meetings, sources with direct knowledge say, contingency plans were formed in preparation for the day sports betting is legal outside of Nevada.

Through it all, Silver has remained steadfast that legal sports gambling should be addressed first on the federal, not state, level.

U.S. Actually establishing a legal framework is another. I will say that certainly all of them … District Judge Michael Shipp ruled in favor of the leagues. Just 88 days into his tenure as NBA commissioner, on April 29, 2014, Silver banned Clippers owner Donald Sterling in a four-minute proclamation on national TV, his willingness to stand alone in full view.

His time overseas coincided with the Donaghy scandal and the revelation, as Silver puts it, “of how important it is to have a way of monitoring irregular activity in our games.” He adds, “None of the systems we had in place had captured any betting by Donaghy.”

A united front among all the leagues would certainly help Silver’s cause for a federal solution. Once again, the leagues sued and won. The best way for the league to monitor our integrity is for that betting action to move toward legal betting organizations, where it can be tracked. On the one side are those who tell you that’s the way it’s always been done, and on the other are those who urge you to change and adapt.

The Donaghy revelation became the ugliest gambling scandal to hit an American professional sport since at least Pete Rose’s banishment from baseball in 1989 and perhaps since the Black Sox threw the 1919 World Series. MLB declined to comment for this story, and the NFL refused to even reiterate its anti-legalization stance. It saw how all that interest, as well as action from illegal offshore betting sites, fueled NBA fandom, and it realized it needed to have a seat at the table — the better to monitor and monetize those burgeoning passions. “One of my concerns is that I will be portrayed as pro sports betting,” he says. Included in the forum, which wasn’t open to the public, were talks with law enforcement officials, gaming regulators, addiction specialists and even a former student-athlete caught up in sports gambling. Billions of dollars are being illegally wagered on sports, almost all online. Subscribe today!

I have talked to the other commissioners about it. Gary Bettman, the longtime commissioner of the NHL, told CNN in November after Silver’s op-ed was published: “I think there needs to be some attention paid to what sports is going to represent to young people. That’s the pragmatic approach.”

Privately, though, the league was watching — closely — as the Vegas market and legal daily fantasy sites were growing exponentially. A 2007 letter signed by all general counsels of the major sports leagues and the NCAA, including NBA vice president Rick Buchanan, stated, “The harms caused by government endorsement of sports betting far exceed the alleged benefits.”

The evolution of Silver as gambling realist in many ways began in 2006, after he took over the league’s international operations as deputy commissioner. “We have always known betting, fantasy leagues and daily [fantasy] sports have driven interest and viewership,” wrote the Mavericks’ owner in a recent email exchange with The Magazine. The move made sense to many in New Jersey, where ailing gaming and racing industries were causing financial strain. Does it become a vehicle for betting, which may in effect change the atmosphere in the arenas?”

In November 2011, New Jersey voters had overwhelmingly approved a referendum to legalize Las Vegas-style sports betting at racetracks and casinos across the state. 16 Gambling Issue. team owners. As we became more of a global company, I began to think about what our policy should be here.”

With the proliferation of casinos and state lotteries, the instant gratification of the Internet and the boom in daily fantasy sports, betting was becoming part of mainstream America. “As we began to stage exhibition games in Europe and China and jurisdictions where sports betting was legal, it caused me to focus more on this than I had historically,” Silver says. was “inevitable” because cash-strapped states need the revenue.

Stern began thinking along the same lines. “But I view myself more as pro transparency. The case is headed to the Third Circuit Court of Appeals this spring.

In September, Silver told an audience at a Bloomberg sports business conference that expanded legalized sports betting in the U.S. (One study by Nevada gaming company Club Cal Neva projected a possible windfall of $50 million for Atlantic City casinos if betting was legalized.) But the leagues — the NBA, NFL, NHL and MLB — and the NCAA sued, claiming that the state was in violation of PASPA and that the perception of the integrity of the games would be damaged if New Jersey began taking legal bets.

SPORTS IS AN ongoing contest between two forces: tradition and innovation. It could have continued to treat sports betting as the enemy that for as long as anyone could remember had threatened the very fabric of the game. And publicly, it did. And when it did, it was not subtle.

This story appears in ESPN The Magazine’s Feb. Deitch prevailed.

THE NBA’S DARKEST hour can actually be marked by a single moment, concentrated down to the uttering of a sentence.  “I can tell you that this is the most serious situation and worst situation that I have ever experienced either as a fan of the NBA, a lawyer for the NBA or a commissioner of the NBA.” That was the lament of then-commissioner David Stern during a July 24, 2007, news conference announcing that referee Tim Donaghy was under federal investigation for betting on games. 13, 2014, editorial in The New York Times, penned by new commissioner Adam Silver: I believe that sports betting should be brought out of the underground and into the sunlight where it can be appropriately monitored and regulated. In 2013, $1.05 billion was wagered legally on basketball, combining the professional and college levels. But I think that league policy was formulated at a time when gambling was far less widespread — even legally.”

Leave it to Mark Cuban to be frank about that aspect of the NBA’s support for legalization. The title of the exercise? “As Close as You Ever Want to Get to a Federally Prosecuted Sports Betting Trial.” In it, Assistant U.S. And the NHL and MLB are both currently partnered with daily fantasy sports operator DraftKings.

The opportunity for additional streams of capital from sports betting can’t be lost on U.S. But the state didn’t give up. That’s yet another reason I think it needs to be closely monitored.”

But multiple sources with direct knowledge of meetings between the leagues believe the NHL is much more open to legalization than Bettman’s comments indicate. commissioner to publicly support legalized sports gambling.

So it is, then, that for now, at least, Silver seems comfortable standing alone as the only acting U.S. In some areas of Australia, for example, sportsbooks pay fees to leagues based on the gross revenue made off the wagering of the games. In 2009, the then-commissioner told Sports Illustrated, when asked if legal sports betting would be in the NBA’s best interest, “It has been a matter of league policy to answer that question no. … “We’re still in the monitoring stage,” he says. I’m glad Adam is putting the hypocrisy behind us and putting it all up front.”

The bald 52-year-old man in glasses and a conservative dark suit doesn’t look like an agent of change — especially with the 1970s soul music playing in the background on the set at a recent photo shoot for The Mag. “My greatest concern,” he says, “is that there will be, in essence, a hodgepodge of regulations controlling sports betting that will vary from state to state, jurisdiction to jurisdiction, and will make it increasingly difficult to monitor betting on our very own sport.”

PERHAPS THE BEST Silver can hope for from other commissioners is a new view of sports betting as a possible “frenemy.” It is tricky, after all, for the leagues to embrace something they’ve long denounced for its impact on the “integrity of the game.” It would also be naive to think that this is all about the sanctity of the results. But Adam Silver has proved otherwise. have assigned people in their organizations to study the issue intensively.”

The timing of the column, of course, was calculated. While the NBA is still fighting in the courts to keep New Jersey from setting up its own sports-betting operation, three other states (New York, Indiana and South Carolina) have introduced similar bills this year, and a Minnesota state representative, Phyllis Kahn, has told ESPN that she’ll be introducing a sports-betting proposal early in this legislative session.

Nine months later, on a cold January afternoon on the 19th floor of league headquarters in Midtown Manhattan, with Hot Chocolate’s “You Sexy Thing” playing, Silver is loose and joking, all the while being prepped for his cover shoot. Regardless of public positioning, all the leagues are actively planning for a new gambling reality. He spent time overseas growing the NBA’s brand, giving him a vantage point to see how legalized gambling worked in other countries. But the timing of the op-ed allowed him to address another seeming hypocrisy: Just one day prior to its publication, the league announced a deal with a successful daily fantasy operator called FanDuel, which boasted some $621 million in entry fees last year alone. Specifically, New Jersey Gov. He’s relaxed, though not unguarded. But that’s not to say he and the NBA are the only ones re-examining their approach. In that dark moment, the NBA could very well have hunkered down and waited for the dawn.

Cuban has suggested that one way of monetizing that interest is to charge sportsbooks and casinos licensing fees to use the league’s data. She was represented by Ifrah, while David Deitch, a former Justice Department attorney, represented the government. And someone who’s a realist in the business. “And while I wouldn’t categorize that as sports betting, on the continuum of no betting at all and legalized betting, it’s certainly on the spectrum.”

Fans weren’t the only ones talking about it. That’s when Silver says he began to realize the need for a response. Chris Christie, who in 2012 began pushing to legalize sports betting in his state by challenging the Professional and Amateur Sports Protection Act (PASPA) of 1992, the federal ban on state-sponsored sports betting

Insider Guide: Best of Las Vegas

If Las Vegas is meant to be a place for visitors to do things they would never do anywhere else, these places provide ultimate thrills.

Those who’d like to stay can choose from 3,933 guest rooms (including 512 suites), many of which were recently renovated.

Flapjacks are larger than the platters they sit on, chicken and waffles are stacked several inches above the plate and coffees overflow onto saucers.

Go big or go somewhere else to eat.

It’s worth taking a walk along Gallery Row, located just outside Crystals’ main building.

On the second level, you’ll find the finest spirits from the resort’s mixologists.

The Beat

The first is a carefully manicured, distinctly manufactured, over-the-top playground promising that, no matter the shenanigans undertaken by its visitors, no one beyond the city limits ever needs to know about them.

The Mob Museum opened in 2012 to tell the story of how the Mafia helped shape Las Vegas and how organized crime impacted the United States and the world in a broader sense.

Airline Captain for a Day

There’s nothing distinctly Las Vegas-flavored about Trump International Hotel.

Hundreds of pinball machines built from the 1950s through the 1990s cover the large space, inviting visitors to play.

There are high-end retailers here, including Gucci, Louis Vuitton and Valentino, as well as standards found at most mainstream malls.

LAVO also features a lounge and nightclub, so diners can extend their experience into the early morning hours.

Harrah’s Piano Bar


Everyone takes a short training class before taking flight, and a mesh trampoline floor as well as padded foam walls offer additional levels of safety for those who fear taking the plunge.

Those looking for something lighter can take advantage of a front cafe stocked with wood-oven pizzas, appetizers, pastas and lighter dishes.

A climate-controlled room holds hundreds of bottles of wine.

This 18-and-up show is part burlesque, part comedy, part variety show and like nothing else in Las Vegas.

Encore’s suites are roomy, with floor-to-ceiling windows and lounger sofas, but there isn’t much reason to stay inside considering the resort’s other amenities and attractions.

Its small size makes it a lot more manageable than many of the massive casino resorts in Las Vegas, and the intimate bar, restaurant and pool are ideal places to unwind.

For those who prefer not to take the wheel, there’s a ride-along option.

For these people, Trump is ideal..

The Wynn gets the lion’s share of attention when it comes to luxury properties on the Strip, but its next-door neighbor, Encore Las Vegas, offers both opulence and an intimacy that’s absent at more popular properties.

Because these are FAA simulators, they have the same feel and layout of real airplanes.

It hosts yappy hours the third Thursday of each month with cocktail specials, doggy goodie bags and appetizer specials.

Thousands of visitors make their way through the property on a daily basis to catch a dancing fountains show or the latest seasonal creation in the conservatory and botanical garden.

The fourth level features a high energy nightclub where talent such as Calvin Harris, Bingo Players and R3HAB spin Thursday through Sunday.

The classy vibe found in the suites carries over to the lounges (even the lobby bar is attractive), nightclubs and especially the restaurants.

The Shops at Crystals at CityCenter

Encore Las Vegas

Rooms are decorated in deep colors with the latest design details.

Spago’s bar is known for its celebrity cameos.

Visitors who sit at the end of a row may find themselves on stage.

This popular, casual dueling piano bar is often crowded with visitors engaged in bidding frenzies to hear certain songs.

Vegas Indoor Skydiving

The selection of stores at The Shops at Crystals is the largest collection of unique-to-market luxury stores in Las Vegas, but even those who can only afford to window shop will appreciate the selection of restaurants available in Crystals. Hakkasan’s restaurant features modern Cantonese cuisine.

The Chandelier

A meal at Joël Robuchon’s isn’t just a meal; it’s an experience.

Without a casino, extensive attractions or shows, Trump focuses on what it’s good at: customer service and quality hotel experiences.

Trump International Hotel

More than 100 antique dealers have rented space to sell art, jewelry, tools, clothing, books and other collectibles in this eclectic mall.

The accommodations are chic, with massive windows offering views of the city or Strip.

More than 100 signs are on display in the Neon Museum Boneyard including pieces from Aladdin, Caesars Palace and several motels, wedding chapels and other attractions.


The Cosmopolitan

At any time of day, The Beat is humming with chatter from tech innovators, local artists and passersby as they catch up over a range of coffees, chilled drinks and alcoholic beverages, as well as a small selection of food.

Most attractive are those commanding views up and down the Strip.

McMullan’s has a large selection of classic pub fare, as well as many Irish specialties and an extensive selection of beers with taps built into every table.

Several exhibits scrutinize aspects of organized crime including how it’s portrayed in pop culture; the role the mob played in violence, corruption and conspiracy; and profiles of notable mobsters.

This is one of the only places in Nevada where people can legally fire everything from a German MP40 from World War II to the M2 50-calibre machine gun.

Galleries feature artwork by Dale Chihuly, Richard MacDonald and Rodney Lough, Jr.

With more than 150 shops, this Strip-based mall is always busy with shoppers combing the racks for the perfect purchase.

Spread over more than 65 hectares, Pro Gun Club has a sporting clays course, trap and skeet fields, rifle and pistol bays and an archery stand.

Shooting lessons are available.

Due to its immense size, Hakkasan has a variety of environments, including a restaurant, private dining room, Ling Ling level, main nightclub, pavilion and mezzanine.


Certainly there’s the occasional wart or blemish even on the best of Las Vegas, but take the time to turn the city on its head and you’ll discover a Sin City you never knew existed.

At the top, there are four attractions for adrenaline junkies.

Among the highlights are Louis Vuitton, Prada, GUCCI, Cartier, Tiffany & Co.

Sophisticated and tasteful, Hyde Bellagio is one of the higher end nightclubs in Las Vegas.


Pro Gun Club

No stuffiness here.

Authentic artifacts such as weapons and wiretapping tools are on display.

Big Shot shoots riders 30 feet into the air at 44 mph.

It’s common for everyone in the bar to sing along.

Also noteworthy is the variety of vinyl on sale.

In fact, it’s casino-free, which is why it’s so appealing to some travelers.

McMullan’s Irish Pub


As a standard American big city, there are pockets of commerce and creativity that reflect the residents of this outpost in the middle of the desert.

Each of the three levels in The Chandelier offers a distinct nightlife setting.

A more relaxed lounge sits at the top.

A non-profit organization dedicated to preserving the history of Las Vegas has been collecting the city’s discarded neon signs since 1996.



Located in The Forum Shops at Caesars, Spago is conveniently located for a quick lunch during a shopping foray or a nicer dinner before a show in the resort’s Coliseum Theatre.

The restaurant is known for its meatballs, which are so large that one can be shared with the entire table.

Many people aren’t into the gambling scene and everything that accompanies it — noise, smoke, lack of clocks.

Hyde Bellagio

Those heading for a night out may want to take advantage of the pre-theater menu, which features three courses.

It’s the Las Vegas most people recognize.

It’s common to find people dining after they’ve left the bar at night or nursing a hangover in the morning.

Though skydiving near Las Vegas is available, this simulated experience allows people to feel what it’s like to free fall without an airplane or parachute.

The best of Las Vegas rooms overlooking the Bellagio fountains are worth the splurge.

The Stratosphere is the tallest freestanding observation tower in the United States at 1,149 feet.


Located at the Las Vegas Motor Speedway, the main Exotics Racing course is 1.2 miles long with 7 turns, and allows drivers to reach speeds topping out at 130 mph, depending on experience and car choice.

The menu is meat heavy, but there are a few salads available as well.

This multi-tiered chandelier isn’t just an interesting centerpiece; it’s The Cosmopolitan’s signature bar.

SkyJump, gives people the chance to freefall down a high-speed line from the edge of the resort 108 floors to the ground below.

Ever since its opening in 1998, Bellagio has been regarded as one of the premier properties on the Strip.

Some booths are well organized and sparse, while others encourage rummaging.


Public House

New items are constantly being added and vendors often change, so every visit is unique.

Though some of these attractions are located from the Strip, they cater to travelers and some offer transportation to and from hotels on Las Vegas Boulevard.


Given its location just off Las Vegas Boulevard, the southward views down the neon-lit street are arguably the best in the city, so opt for a Strip view.

Spago is trendy and modern, yet also welcoming and popular with its menu of classic American cuisine made unique with twists from influences around the world.

Hakkasan Nightclub

Even those who aren’t into shopping will likely appreciate the opulence of the mall itself.

This is where you’ll find the second face of Las Vegas.

The Mob Museum

Among the car options are a Ferrari, Lamborghini and Porsche.

Exotics Racing

Here speeding is encouraged.

Hope your travel partner is mentally stable.

Housed in front of Caesars Palace, Absinthe is the delusional dream of a guy who’s dipped into a bottle of the legendary green drink.

Featuring self-proclaimed “twisted farm food,” this quirky diner serves up meals in mammoth portions.

This is the city of bigger and more extravagant resorts and attractions than have ever been built before.

Those in the pilot’s seat control throttles and bump down the runway until safely airborne, and then it’s free flying from there on out.

X-Scream is like a giant playground ride, sliding riders 25 feet over the edge of the resort so that they dangle perilously high above the ground.

The high-end retailers of this promenade on the grounds of the Aria lure in guests with their boutique fashions, one-of-a-kind pieces of jewelry and unique gifts.

Its extensive menu of Italian favorites includes brick oven pizza, ravioli and spaghetti, all served with a twist.

The fare is pub grub with a creative touch and lots of drink options. Fan favorites include Le Caviar, caviar on a fennel cream.

Guests can choose from multi-tasting menus or order a la carte.

High, arched ceilings, classic columns and the first freestanding spiral escalator of its kind in the United States are a few of the architectural highlights.


Located on Restaurant Row at The Venetian, Public House boasts a high-end, speakeasy feel with dark colors and deep seats.

Antique Mall of America

Hash House A Go Go

Pinball Hall of Fame

Stratosphere Thrill Rides

Because this is a non-profit, all extra coinage goes to local charities.

An energetic atmosphere radiates from the casino floor.

Insanity is a spinning ride via mechanical arm extending almost 65 feet beyond the edge of the Stratosphere.

The Cosmopolitan’s rooms are modern and urban.

Las Vegas for Thrill Seekers


For those who have the guts to look around, the views are stellar from this height.

Though The Cosmopolitan has just about everything on site that visitors might want — restaurants, nightclub, shopping, gambling — its mid-Strip location makes it easy to reach other popular resorts in the area.

Joël Robuchon Restaurant

This all-suite, modern boutique hotel is designed for relaxation.

Nightlife begins on the third floor, where the intimate Ling Ling Lounge is located.

Like many Las Vegas clubs, the DJs at Hyde Bellagio are among the best in the world, and celebrity sightings are always a possibility.

This quirky non-profit organization was established to house and display the world’s largest pinball collection.

Public House lays claim to Nevada’s first certified beer cicerone (similar to a wine sommelier), offering more than 200 brews, 24 of which are on tap.

Las Vegas’ creative crowd hangs out at this downtown coffeehouse and record shop.

Beyond the fountains and gardens, Bellagio is home to five outdoor pools, a handful of high-end retailers, fine art gallery, a couple of popular nightclubs, the Cirque du Soleil show, “O” and some of the best restaurants on the Strip.

This five-story culinary and nightlife hotspot is the newest club on the Las Vegas scene.

The intimate setting of this MGM Grand restaurant ensures that all guests receive personalized attention, but it also means those who want to eat here should make reservations.


But that first face of Las Vegas occupies only a few miles of Las Vegas Boulevard (“the Strip”) and a few blocks of downtown.

The Arts Factory

The grand salon is spacious with ample seating and the fountain terrace looks directly over the lake.

The Las Vegas art scene is concentrated downtown and many local galleries can be found at The Arts Factory.

The hotel is known for its pet policy, welcoming critters less than 25 pounds.

Behind the glitz are just less than 600,000 locals who keep that facade alive.

Not everyone is suited to be an airline pilot, but everyone is welcome to take control of a Boeing 737 full-motion flight simulator similar to those used by real pilots for training.

Dueling twin sisters Kimberley and Tamara Pinegar are crowd favorites, though all of the bar’s pianists actively engage the crowd during their acts.

Though it’s open all day long, Hash House’s breakfast menu is most robust, with a variety of hashes, scrambles and farm benedicts.

In an old commercial warehouse, The Arts Factory contains dozens of studios and has hosted hundreds of poetry readings, concerts and performances.

The Forum Shops at Caesars Palace

Highlights of Absinthe include tightrope walkers who perform keg stands, a topless tap dancer in a giant balloon and strongmen with one-of-a-kind moves.

Winner of Michelin’s Three Star, Forbes Five-Star, AAA Five Diamond and Wine Spectator’s Grand Award, this restaurant outshines a majority of Las Vegas’ dining establishments.

This high end, best of Las Vegas restaurant offers a warm and inviting atmosphere.

It features The Gazillionaire and his sidekick, Penny, who emcee various acts that take to the small, centrally located stage.

Neon Museum Boneyard

The cocktail list was developed to complement different aspects of the menu. and Dolce & Gabbana

UBS Writes Down Positions, Predicts an Overall Loss in Third Quarter, and Reorganizes Management

These events have led to the

management changes announced today. UBS’s financial businesses employ more than 80,000 people

around the world. Gall office and later broadened his experience

with assignments in Nyon, New York, Basel, Zurich and London.

All other UBS businesses remain strong. He also has extensive

experience in solving institutional and corporate client problems using

derivatives. Global Asset Management continues to perform well. Prior to his appointment to his current position in 2004, Robert

Wolf was Global Head of Fixed Income for over three years.

In addition, UBS has taken significant write downs on positions in Super

Senior AAA-rated tranches of CDOs, based on level 3 valuation models.

With effect from today:

“On August 14, I said that if turbulent

conditions prevail throughout the quarter, we will probably see a very

weak trading result in the Investment Bank, offset by predictable

earnings from wealth and asset management. Mr. Suter has been with UBS and its predecessor, Swiss Bank Corporation,

since 1974. He is a Swiss citizen. Prior to that, he held various

management positions in SBC’s investment banking operations, first as

the Continental European Head of Merchant Banking and later as the Chief

Credit Officer for EMEA. He also

serves as Global Chief Operating Officer for the Investment Bank.

Results for third quarter 2007 will be announced on October 30, 2007 as


Mr. Wolf graduated from the Wharton School at the University of

Pennsylvania with a B.S. Management action has been taken to

make certain these positions are appropriately valued and risk managed.


Robert Wolf is the Chairman & CEO of UBS for the Americas. Wolf is on the Undergraduate

Executive Board of the Wharton School and sits on the Athletics Board of

Overseers at the University of Pennsylvania. I have therefore taken

decisive action to be as transparent as possible. Group

CFO Clive Standish to retire

– Marco Suter, Executive Vice Chairman, UBS, to become Group CFO

– Walter Stuerzinger, Group Chief Risk Officer (GCRO), to become

Chief Operating Officer (COO), Corporate Center

– Joseph Scoby, Global Head of Alternative & Quantitative

Investments, UBS Global Asset Management, to become GCRO, UBS

Investment Bank changes:

– Robert Wolf, COO, Investment Bank, additionally appointed

President, Investment Bank

– Money Markets, Currencies and Commodities (MCC) to be integrated

into Fixed Income

– Initiation of cost reductions in Investment Bank

Commenting on these changes Marcel Rohner said:

In addition to his roles at UBS, Mr. These securities are either AAA-rated or High Grade, and have a

short weighted average life.

“I am confident that, with these changes and

by properly absorbing the lessons of this quarter, we will become a

stronger bank. During 2008 we will continue

to focus on improving cost and balance sheet efficiency.”

UBS has no material exposure to conduits.

UBS is one of the world’s leading financial

firms, serving a discerning international client base. These positions consist overwhelmingly of

AAA-rated tranches, 80% with a weighted average life of less than three

years. Mr. A&Q currently has over USD

60 billion in assets under management. Scoby’s

experience includes portfolio management in commodity options,

convertible arbitrage, equities, equity derivatives, corporate bonds,

merger arbitrage, quantitative equity, real estate finance, and

fundamental based equity long short funds. Joseph Scoby’s record both as

head of A&Q and previously as Joint Head of US Equities within the

Investment Bank makes him an ideal successor to Walter Stuerzinger. Ferri joined the UBS Investment Bank in 1998

as Director of Equity Compliance. William Ferri, currently

Head of Business Development and Logistics for A&Q, will be appointed as

the new Global Head of Alternative and Quantitative Investments.

Mr. Between 1999 and 2005 he was Group Chief Credit Officer and

a member of the Group Managing Board. For most

sub prime holdings, this is not possible.

Joseph Scoby’s first task as a member of the Group Executive Board will

be to review and refine our risk processes. He also chairs

the Swiss Institute for International Studies (SIAF).

Commenting on these decisions, Marcel Rohner, Group CEO said:

. In Global Wealth Management &

Business Banking, all geographical regions continue to attract net new

money. Clive Standish, Group Chief Financial Officer, will retire.

UBS is present in all major financial centers worldwide. Suter was born on 7 May 1958. However, the deterioration in the US sub prime

residential mortgage backed securities market, especially in August, was

more sudden and more severe than in recent history, and markets became

illiquid. He is a member of the

Global Asset Management Executive Committee and a member of the UBS

Group Managing Board.

Short bio Robert Wolf

Following a write down of positions in fixed income, rates and

currencies (FIRC), mainly related to deteriorating conditions in the US

sub prime residential mortgage market, UBS is likely to record an

overall Group pre-tax loss of between CHF 600 million and CHF 800

million for third quarter, ended September 30. Ferri is also responsible for managing the product

pipeline, business development, sales and client services.

UBS has only limited exposure to leveraged lending with commitments of

about USD 13 billion. In fact, conditions remained

turbulent, so we will make an overall pre-tax loss at Group level for

the quarter.

While the third quarter loss means that pre tax results for the full

year 2007 will most probably be below those for 2006, total earnings

should still be at a high level and UBS will finish the year in a strong

capital position.


Marcel Rohner, in addition to his duties as Group CEO, will for the

foreseeable future take over the role of Chairman and CEO of the

Investment Bank. Pre-tax profits for the

first nine months of 2007 will be in the order of CHF 10 billion. The marks take a cautious view of future developments in the US mortgage

market and UBS is content to hold these securities at this level of


Working closely with other members of the management team and the key

investment professionals within A&Q, Mr. The one firm approach requires a

successful and profitable Investment Bank. Huw Jenkins, Chairman and CEO of the Investment Bank,

will step down from his position and become a senior advisor to Marcel


These write downs are mainly of (a) legacy positions of the now closed

Dillon Read Capital Management subsidiary and (b) positions entered into

as part of the Investment Bank’s mortgage

backed securities business.

Previously, he was General Counsel for the O’Connor

hedge fund and fund of fund businesses, and was on the O’Connor team at

its relaunch in 2000. A

glossary, containing definitions of some of the less-well known terms

used in today’s release, is also available at

Marco Suter was elected to the Board of Directors at the Annual General

Meeting of UBS in April 2005 and thereafter appointed as Executive Vice


Within the Investment Bank, Money Markets, Currencies and Commodities

(MCC) will be integrated into Fixed Income under the leadership of Andre


Where possible, holdings are marked at the quoted market price. He is on the Executive

Leadership Council for the Multiple Myeloma Research Foundation, on the

Board of Trustees for the Children’s Aid Society, the Board of Directors

for the partnership for NYC and on the Board of Directors for the

National Sports Museum. Mr. We have thousands of

talented people throughout the organisation who, by working together,

will deliver further value to our clients and additional growth to our


Short bio William Ferri

Mr. in Economics. I have also made

appropriate senior management changes, and will accelerate

already-planned changes to the firm. Its business,

global in scale, is focused on growth. Wolf is a member of the UBS Group Managing Board and the Investment

Bank Management Committee. This led to substantial valuation losses, including in

securities with high credit ratings. As an integrated firm, UBS

creates added value for clients by drawing on the combined resources and

expertise of all its businesses.

UBS is the leading global wealth manager, a top tier investment banking

and securities firm, and one of the largest global asset managers. (since 1995) where positions held included Corporate Vice President

and Associate General Counsel to the Global Equities Division, and

Deputy Director of Compliance.

ZURICH & BASEL, Switzerland–(BUSINESS WIRE)–Regulatory News:

There are other, smaller, losses in equities proprietary trading within

an overall satisfactory result.

Third quarter results

The remaining relevant positions in direct sub prime RMBS have a current

net value of USD 19 billion. From 1996 until the merger of SBC

and Union Bank of Switzerland in 1998 he served as regional manager of

the Zurich-Eastern Switzerland-Ticino area for the corporate and

commercial banking activities of SBC. Within the

Investment Bank, IBD has gained market share, the capital markets

business remains strong, and equities revenues –

though a bit weaker this quarter than a year ago, and in the context of

extremely difficult conditions – remain


Our first quarterly loss in nine years is an unsatisfactory result,

especially after such a strong first half. UBS remains a formidable

competitor in financial services and is well positioned to deliver

long-term profitable growth.”

In the third quarter, UBS will recognize substantial losses in FIRC

within the Investment Bank, mainly on its holdings of securities related

to the US sub prime residential mortgage (RMBS) market. He originally worked for PaineWebber

Inc. He received a BS form Cornell University in

1988 and a JD from the University of North Carolina in 1991.

As a result of the planned changes within the Investment Bank, overall

staff numbers will fall by about 1,500 by the end of this year.

Short bio Marco Suter

A video containing an interview with Group CEO Marcel Rohner is

available at as

well as at Overall, FIRC

will record negative revenues in the order of CHF 4 billion.

Management changes

Marcel Rohner, Group CEO, said: “UBS operates on the principle that

management is accountable to shareholders. There is also a smaller position of below USD 4 billion net

exposure to sub prime securities through warehouse lines and retained

CDOs. We have a strong balance sheet, a strong franchise, and

leading positions in all businesses in all regions. Suter first joined the bank in 1974 as an

apprentice at SBC’s St. Marcel

Rohner, Group CEO, will reorganize senior management, take over as

Chairman and CEO of the Investment Bank, and accelerate structural

improvements to the firm.

Mr. He is married with two children.

Marco Suter, Executive Vice Chairman, UBS, will leave the Board of

Directors to become Group Chief Financial Officer, and join the Group

Executive Board. Following these actions, UBS is in

a strong position to continue to grow its client businesses.

Joseph Scoby is Global Head of Alternative and Quantitative Investments

(A&Q), an alternatives platform within Global Asset Management with

approximately USD 60 billion in assets under management and 360

employees around the globe. Mr. Ferri has overall

responsibility for managing the logistics platform and business

development effort of the group, ensuring the investment team’s

requirements are met while maintaining the appropriate control

infrastructure. Ferri began his legal career practicing corporate law at Seward &

Kissel, from 1991 to 1995. Mr. Its shares are listed on the SWX Swiss Stock Exchange,

the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).

William Ferri is the Head of Business Development and Logistics for

Alternative and Quantitative Investments (A&Q), an alternatives platform

within Global Asset Management.

Mr. Mr. These have also been written down appropriately,

leading to a limited loss on these positions in third quarter.

Mr. His long experience and knowledge of UBS, including as

Group Chief Credit Officer, make him extremely well qualified for this

position. From

1995-1999 he was the Joint Head of US Equities at the Investment Bank,

with responsibility for approximately 650 employees. Valuations therefore mostly

use models with observable inputs, where possible, and level 3 valuation

models otherwise.

Robert Wolf, Chairman and CEO, UBS Group Americas and Chief Operating

Officer Investment Bank, will additionally become President, Investment

Bank. In

Switzerland, UBS is the market leader in retail and commercial banking.

Continued strong performance in other business areas

Short bio Joseph Scoby

When most mortgage backed securities positions were set up there were

offsetting positions in place, designed to mitigate risk in normal

market conditions. He has also been the head of O’Connor,

a specialist hedge fund provider within A&Q, with assets under

management of approximately USD 7.5 billion. He served as Global Head of Fixed Income from

2002 – 2004, having joined the firm in 1994

after spending approximately 10 years at Salomon Brothers.

Despite the unsatisfactory results for the third quarter, we still

expect to end the year with a good level of profits and in a strong

capital position. Scoby has a BS from Wharton School and an MA from the

University of Pennsylvania, both earned with honors in a total of four

years of study and awarded in 1987.


In third quarter 2007, expected pre-tax loss for the Group between

CHF 600 million and CHF 800 million, due mainly to write downs and

losses in the FIRC business within the Investment Bank

For the first nine months of 2007 pre-tax profits for the Group in

the order of CHF 10 billion, and expect to end the year with good

level of profits and a strong capital position

All other businesses in the Investment Bank, as well as the Global

Wealth Management & Business Banking and Global Asset Management

business groups, performing very well

Management changes:

– Investment Bank Chairman and CEO Huw Jenkins to step down. All other businesses in the Investment Bank, and our

Global Wealth Management & Business Banking and Global Asset Management

businesses, continue to record good results. Wolf also participated as a panel member at

the inaugural Wall Street forum for HIV and AIDS alongside former UN

Secretary Kofi Annan.

Walter Stuerzinger, Group Chief Risk Officer (GCRO), will become Chief

Operating Officer, Corporate Center, and hand over the GCRO position to

Joseph Scoby, currently Global Head of Alternative and Quantitative

Investments (A&Q), Global Asset Management. It has offices

in 50 countries, with about 39% of its employees working in the

Americas, 34% in Switzerland, 16% in the rest of Europe and 11% in Asia

Pacific. Scoby began his career with O’Connor and

Associates in 1987 and became a Managing Director in 1993


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