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  #21  
Old 15.09.2011, 15:48
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Re: Rogue trader in UBS costs it $2 billion

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LOL, Now that made me laugh

So you think UBS was that dirty currency speculator who Wolly got upset about

As I said before "could not happen to a nicer bunch of guys"
10% 1 day movement for the CHF, is unusual so not in the 'model' of the trader. The CHF getting stronger was a one way bet or so everybody was saying. I wonder how much profit they booked in other days from the same exposure.
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  #22  
Old 15.09.2011, 16:07
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Re: UBS loses US$2bn in rogue trading

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Probably FX losses as a direct on SNB's intervention.
Maybe the poor fellow was on the sh1tter when the CHF weakened by 8% against just about every currency.

UBS continue to be accident prone, don't they?
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  #23  
Old 15.09.2011, 16:08
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Re: UBS loses US$2bn in rogue trading

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Maybe the poor fellow was on the sh1tter when the CHF weakened by 8% against just about every currency.

UBS continue to be accident prone, don't they?
If he wasn't before, he certainly was afterwards.
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  #24  
Old 15.09.2011, 16:19
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Re: UBS loses US$2bn in rogue trading

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If he wasn't before, he certainly was afterwards.

this comment illicited a snort!

well played.
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  #25  
Old 15.09.2011, 16:42
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Re: UBS loses US$2bn in rogue trading

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Was Nick Leeson released? I missed that news. http://www.nickleeson.com/
He's been living in Galway (my home place) for years now. Was made the financial director of the local soccer club and everything. Thing were looking great for Galway Utd for a few years there but recently got into difficulty and had to sell their entire team.

Who would have thought it would have ended badly?
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  #26  
Old 15.09.2011, 16:48
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Re: UBS loses US$2bn in rogue trading

At the end UBS will increase the fees for credit-card, debit-card, account fees, all currency exchange fees. The 2 billions$ will be back in no time thanks to the loyal customer.
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  #27  
Old 15.09.2011, 16:59
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Re: UBS loses US$2bn in rogue trading

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At the end UBS will increase the fees for credit-card, debit-card, account fees, all currency exchange fees. The 2 billions$ will be back in no time thanks to the loyal customer.
Plus fire some additional back office or IT staff
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  #28  
Old 15.09.2011, 17:07
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Re: Rogue trader in UBS costs it $2 billion

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My bank will soon be my mattress.
<insert scurrilous comment about mattress and "deposits" here>
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  #29  
Old 15.09.2011, 17:31
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Re: UBS loses US$2bn in rogue trading

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I am off to invest in toilet paper. Will be worth more then notes.
Or you could buy shares in Proctor and Gamble
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  #30  
Old 15.09.2011, 17:56
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Re: UBS loses US$2bn in rogue trading

Someone from Nottingham University knows the guy?
http://www.linkedin.com/pub/kweku-adoboli/0/7a2/1b7
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  #31  
Old 15.09.2011, 18:07
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Re: UBS loses US$2bn in rogue trading

What Do You Call A ‘Rogue’ Trader Who Makes $2 Billion?
A Managing Director
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  #32  
Old 15.09.2011, 18:37
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Re: UBS loses US$2bn in rogue trading

Message of Mr Grübel to employees as published on "Le Temps".
Access requires username/passwd, so I copy paste here:

Dear colleagues
We regret to inform you that yesterday we uncovered a case of unauthorized trading by a trader in
the Investment Bank. We have reported it to the markets in line with regulatory disclosure
obligations. The matter is still being investigated, but we currently estimate the loss on the trades to
be around 2 billion US dollars. It is possible that this could lead UBS to report a loss for the third
quarter of 2011. No client positions were affected.
We understand that you have already had to contend with unfavorable, volatile markets for some
time now. While the news is distressing, it will not change the fundamental strength of our firm.
We urge you to stay focused on your clients, who are counting on you to guide them through these
uncertain times.
We want to reassure you that we, together with the rest of the management, are working closely
with the Investment Bank's management and risk and controlling to get to the bottom of the matter
as quickly as possible, and will spare no effort to establish exactly what has happened. We will keep
you updated on the progress of our investigation.
Yours The Group Executive Board
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  #33  
Old 15.09.2011, 19:02
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Re: UBS loses US$2bn in rogue trading

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Someone from Nottingham University knows the guy?
http://www.linkedin.com/pub/kweku-adoboli/0/7a2/1b7
What a silly question - who in their right mind would admit to going to Nottingham University?
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  #34  
Old 15.09.2011, 19:15
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Re: UBS loses US$2bn in rogue trading

isn't it amazing how the operational staff at these banks have never heard about the "sophisticated risk management systems" the marketing folks keep talking about ...
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  #35  
Old 15.09.2011, 19:34
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Re: UBS loses US$2bn in rogue trading

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Was Nick Leeson released? I missed that news. http://www.nickleeson.com/
I find it hard to believe he " continues to be in-demand around the world for conference and after-dinner speaking".....
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  #36  
Old 15.09.2011, 21:21
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Re: UBS loses US$2bn in rogue trading

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isn't it amazing how the operational staff at these banks have never heard about the "sophisticated risk management systems" the marketing folks keep talking about ...
...and no risk management system worth it's salt can be built without their input. As a manager of traders, I learnt a long time ago that if you want know where the potential banana skins are - talk to your IT, Ops and Financial Controllers. They are your first line of defence, if you're smart enough to realize it.
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  #37  
Old 15.09.2011, 21:31
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Re: UBS loses US$2bn in rogue trading

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...and no risk management system worth it's salt can be built without their input. As a manager of traders, I learnt a long time ago that if you want know where the potential banana skins are - talk to your IT, Ops and Financial Controllers. They are your first line of defence, if you're smart enough to realize it.
Risk management systems and complex defence alliances aside, what you don't do is hire the ex-head of risk at Lehman Brothers.
http://uk.finance.yahoo.com/news/UBS....html?x=0&.v=1
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  #38  
Old 15.09.2011, 21:42
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Re: UBS loses US$2bn in rogue trading

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...and no risk management system worth it's salt can be built without their input. As a manager of traders, I learnt a long time ago that if you want know where the potential banana skins are - talk to your IT, Ops and Financial Controllers. They are your first line of defence, if you're smart enough to realize it.
Are you kidding? IT guys are the first in line for getting pink slips
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  #39  
Old 15.09.2011, 21:47
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Re: UBS loses US$2bn in rogue trading

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the landlord at mr adoboli's former £1,000-a-week apartment in shoreditch, east london, described him today as a "nice guy".
Attachment 32436
__________

Last edited by weejeem; 14.10.2011 at 16:03.
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  #40  
Old 15.09.2011, 21:52
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Re: UBS loses US$2bn in rogue trading

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Are you kidding? IT guys are the first in line for getting pink slips
Doesn't change the truth of what I said.
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