First Reports - July 9

Receivership a/o Seizure of UBS's Assets within U.S. - - -  U.S. District Judge Alan Gold ordered the U.S. government to say whether it was prepared to shut UBS's U.S. operations if the bank does not cooperate in identifying 52,000 secret accounts suspected of tax evasion.   [WHO]

Citi Re-Shuffles Its Deck - - -  A series of management changes were announced, including the naming of its 3rd CFO this year.   [WHO]

Up Next for Marc Dreier: Sentencing - - -  Attorney Marc Dreier, who pleaded guilty in May to 8 felony charges in connection with his scheme to sell fictitious promissory notes, is experiencing a "Bernie Madoff-like deja vu" as he approaches sentencing on Monday.  [Get Linked]  [WWW]

P-PIP, Hooray: Investment Dream Team Emerges - - -  Nine investment managers were named by the Treasury Department to run the Public-Private Investment Program's combined $30bn equity and debt portfolio.   [BTN]

SEC Denies Having Backed Off Accused Fraudster Stanford - - -  According to Rep. Bill Cassidy (R-Louisiana), SEC staffers deny that they "stood down" in their investigation of Allen Stanford and his financial services empire.   [BTN]

Lori Richards' Departure: SEC Shake-Up Continues - - -  As C-I reported yesterday, Lori Richards, head of the SEC examinations division (OCIE), resigned in what appears to be a broad overhaul of the SEC hierarchy, following its handling of Bernie Madoff's fraudulent "investment management" activities.

Getting past the "blame game" for the moment, C-I revisits Ms. Richards's words of wisdom on "Incentivizing Good Compliance."   [Get Linked]  [BTN]

Cyber Attacks on NYSE and Other Gov't, Business Sites - - -  NYSE.com was one of several government and business Web sites in the U.S. and S. Korea hit by a "denial of service" attack.   [RULE]

Morgan Stanley Loses Raiding Arbitration Case - - -  Investment News reports that Morgan Stanley lost a $1mn arbitration case filed by a small regional broker-dealer.  Get "rule of thumb" issues that factored into the decision.   [WWW]