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First Brands: How Jefferies, UBS Ended Up Exposed to Its Collapse

First Brands: How Jefferies, UBS Ended Up Exposed to Its Collapse
business • 10/9/2025

In hindsight, the telltale signs of trouble were piling up: the Zoom calls where the owner kept his camera off; the angry pushback from his brother when investors asked for invoices to back up their loans; the frequent late payments to suppliers; and the whispers of large off-the-books financing arrangements.

In hindsight, the telltale signs of trouble were piling up: the Zoom calls where the owner kept his camera off; the angry pushback from his brother when investors asked for invoices to back up their loans; the frequent late payments to suppliers; and... [418 chars]