Will New Marijuana Laws Go Up In Smoke?

Dec. 3 (Bloomberg) -- Voters in Colorado and Washington passed measures last month to legalize recreational marijuana use, putting state laws in conflict with federal law. But it's not the first time that's happened. Seventeen states have already legalized medical marijuana, even though federal law says marijuana has no medically acceptable use. So what happens when state and federal laws are in conflict? Under the Supremacy Clause of Article VI of the US Constitution, the federal courts can lock you up for carrying a small bag of marijuana, even if state law says otherwise. But first you have to be prosecuted. And other than some very limited attempts, the feds haven't gone after people who are prescribed marijuana by a doctor. (Source: Bloomberg)

Ermotti: UBS Operating in a `Challenging' Environment
09:53 - UBS Group AG said profit slipped 14 percent in the second quarter as both wealth management and investment banking generated less revenue during a rocky period for markets. Net income fell to 1.03 billion Swiss francs ($1.05 billion), from 1.21 billion francs a year earlier, the Zurich-based bank said in a statement Friday. That beat the 668 million-franc average of five analyst estimates compiled by Bloomberg. UBS CEO Sergio Ermotti told Bloomberg's Manus Cranny in Zurich the lack of visibility has an impact on clients’ risk aversion, saying “at this stage, our job is to stay close and try to find the right risk profile for clients. Many of them want to be extremely conservative.” Ermotti added that Brexit is posing “a lot of challenges” to the U.K. and the rest of Europe but UBS has a “high degree of flexibility.”
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