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  #41  
Old 15.09.2011, 22:48
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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.

I agree with you there, when I used to smoke, some of my most valuable information was gleaned from chatting to people from such departments in the smoking room - amazing how much useful information you could gain in this way, it was also an excellent way of gaining access to other departments and getting more information.
Perhaps UBS should make smoking compulsory? They seem to be very adept at locating banana skins.
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  #42  
Old 15.09.2011, 23:43
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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 ...
Installed an IT based fraud detection system once in a company (not a bank) for the marketing folks that ran overnight & reported suspicious activities. The marketing folks insisted we run it every 2 hours which cost a fortune in server upgrades to get the necessary performance.
The system detected a major fraud, it was reported to the marketing folks who then waited 8 weeks before taking any action by which time the amount involved was quite substantial.
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  #43  
Old 16.09.2011, 00:10
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Re: UBS loses US$2bn in rogue trading

Black guy stealing from UBS I look forward to the next SVP poster campaign.
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  #44  
Old 16.09.2011, 09:56
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Re: UBS loses US$2bn in rogue trading

Hello my good friend,

I am sorry if this message reaches you somewhat unexpected, but I have learned that you are a person of honorable standing and I have a business proposal for you. My employers (UBS) have trusted my good self with an investment fund over which they have zero insight. My boss has about as much wisdom and insight into what I do as could possibly be expected from a major Swiss bank of international standing. There are many accounts which I wish to share with you on a 60/40 basis from monies adding up to USD $ 2 billion (Two Billion US Dollars) which allow me to legally transfer funds to deposits overseas.

Please send me your full name, address and telephone number and do not forget that this transaction is 150% legal as long as you don't tell anyone.

May God be with you and all your pets too.

KA
(Message sent via BlackBerry from behind very thick walls somewhere in deepest London)

This major banking scandal is brought to you by the Nigerian Connection, your guarantee for all fraudulent financial transactions.
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  #45  
Old 16.09.2011, 11:06
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Re: UBS loses US$2bn in rogue trading

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This major banking scandal is brought to you by the Nigerian Connection, your guarantee for all fraudulent financial transactions.
Nigerian/Ghanaian - there all the same to you aren't they!!

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  #46  
Old 16.09.2011, 12:06
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Re: UBS loses US$2bn in rogue trading

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I agree with you there, when I used to smoke, some of my most valuable information was gleaned from chatting to people from such departments in the smoking room - amazing how much useful information you could gain in this way, it was also an excellent way of gaining access to other departments and getting more information.
Perhaps UBS should make smoking compulsory? They seem to be very adept at locating banana skins.
Exactly the reason given by my sil for not stopping. He claims he HAS TO smoke to keep on top of what is going on in his firm.
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  #47  
Old 16.09.2011, 12:12
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Re: UBS loses US$2bn in rogue trading

According to the Beeb, he turned himself in, otherwise it would probably still be undetected

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"The disclosure that it was Mr Adoboli's decision to inform his colleagues of his actions that set alarm bells ringing at UBS, rather than its own monitoring system, will add to concerns that investment banks simply aren't capable of controlling the huge risks that their traders take."

Time for a new advertising campaign?
"UBS - Putting the Risk in Risk Management"
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  #48  
Old 16.09.2011, 12:15
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Re: UBS loses US$2bn in rogue trading

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According to the Beeb, he turned himself in, otherwise it would probably still be undetected




Time for a new advertising campaign?
"UBS - Putting the Risk in Risk Management"

do you think he preset his limit for turning himself in

"ok when it gets to $1b I'll tell the boss"
"bugger"
"ok $1.5b"
"bugger"
"ok, $2b, def $2b"
"f**k"
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  #49  
Old 16.09.2011, 12:33
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Re: UBS loses US$2bn in rogue trading

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Installed an IT based fraud detection system once in a company (not a bank) for the marketing folks that ran overnight & reported suspicious activities.
The... marketing people.. wanted a report on suspicious activities?
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  #50  
Old 16.09.2011, 12:34
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Re: UBS loses US$2bn in rogue trading

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do you think he preset his limit for turning himself in

"ok when it gets to $1b I'll tell the boss"
"bugger"
"ok $1.5b"
"bugger"
"ok, $2b, def $2b"
"f**k"
I guess the margin calls came in......
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  #51  
Old 16.09.2011, 12:44
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Re: UBS loses US$2bn in rogue trading

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Black guy stealing from UBS I look forward to the next SVP poster campaign.
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Hello my good friend,

I am sorry if this message reaches you somewhat unexpected, but I have learned that you are a person of honorable standing and I have a business proposal for you. My employers (UBS) have trusted my good self with an investment fund over which they have zero insight. My boss has about as much wisdom and insight into what I do as could possibly be expected from a major Swiss bank of international standing. There are many accounts which I wish to share with you on a 60/40 basis from monies adding up to USD $ 2 billion (Two Billion US Dollars) which allow me to legally transfer funds to deposits overseas.

Please send me your full name, address and telephone number and do not forget that this transaction is 150% legal as long as you don't tell anyone.

May God be with you and all your pets too.

KA
(Message sent via BlackBerry from behind very thick walls somewhere in deepest London)

This major banking scandal is brought to you by the Nigerian Connection, your guarantee for all fraudulent financial transactions.
That was quick
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  #52  
Old 16.09.2011, 13:08
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Re: UBS loses US$2bn in rogue trading

So apparently this is the fault of the SNB for pegging the CHF to the EUR.

Can they do anything right?
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  #53  
Old 16.09.2011, 13:12
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Re: UBS loses US$2bn in rogue trading

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So apparently this is the fault of the SNB for pegging the CHF to the EUR.

Can they do anything right?

How did you draw that conclusion? Anybody who was long CHF the day the SNB decided to peg it, lost their ass.. why would the UBS trade be particularly affected?
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  #54  
Old 16.09.2011, 13:21
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Re: UBS loses US$2bn in rogue trading

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How did you draw that conclusion? Anybody who was long CHF the day the SNB decided to peg it, lost their ass.. why would the UBS trade be particularly affected?
When did I say that other people weren't affected by the peg? If it wasn't for the SNB's retarded peg this guy and UBS and a lot of other people wouldn't have lost so much money so quickly.

Of course undue risk was also to blame.
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  #55  
Old 16.09.2011, 13:36
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Re: UBS loses US$2bn in rogue trading

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When did I say that other people weren't affected by the peg? If it wasn't for the SNB's retarded peg this guy and UBS and a lot of other people wouldn't have lost so much money so quickly.

Of course undue risk was also to blame.
They would have almost certainly made money, government interference is always bad news.
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  #56  
Old 16.09.2011, 14:36
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Re: UBS loses US$2bn in rogue trading

And......another round of job losses to clean up this mess:

http://www.thelocal.ch/1188/20110916/

Thanks UBS.
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  #57  
Old 16.09.2011, 15:12
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Re: UBS loses US$2bn in rogue trading

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When did I say that other people weren't affected by the peg? If it wasn't for the SNB's retarded peg this guy and UBS and a lot of other people wouldn't have lost so much money so quickly.

Of course undue risk was also to blame.
I suspect that if the trade had gone well, UBS would have made a substantial amount of money and this guy would have been in line for a nice wodge of commission or a big bonus.

I'd guess that the 'right' people inside the bank were told about the SNB move in advance to allow the bank to exit positions but that the news didn't make it to this trader.

(Hmmm, I wonder how many privileged 'insiders' or their associates transferred large amounts of CHF to other currencies or gold just prior to the intervention?)
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  #58  
Old 16.09.2011, 15:42
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Re: UBS loses US$2bn in rogue trading

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I suspect that if the trade had gone well, UBS would have made a substantial amount of money and this guy would have been in line for a nice wodge of commission or a big bonus.

I'd guess that the 'right' people inside the bank were told about the SNB move in advance to allow the bank to exit positions but that the news didn't make it to this trader.

(Hmmm, I wonder how many privileged 'insiders' or their associates transferred large amounts of CHF to other currencies or gold just prior to the intervention?)

of course if the trade had gone well, senior management would have patted themselves on the back and demanded huge bonuses... the trader may have been rewarded or fired - depending on how the news was spun - but that's immaterial.

The important point is that most of these banks have no concept of risk management, and if this leads to UBS I-bank being killed or majorly downsized, then it would have been a good thing for CH.
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  #59  
Old 16.09.2011, 16:01
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Re: UBS loses US$2bn in rogue trading

In this game of trading, we all know - you win some , you loose some.
Clearly this guy lost some.
And also clearly demonstrates that educated trading is no longer taking place. All we have now are a bunch of gamblers. Not even controlled. No matter how senior one gets, there should be serious IT control processes in place to prevent stuff like this. Depending on just human watch is not control enough.

What I do not get is some people implying his race, or country of origin had something to do with this. By the way, the funny jokes above is pretty silly implying the Nigerian joke. The guy is actually Ghanian, no relations at all to Nigeria yet, people have been quick to drag Nigeria's name into this as some sort 419 scam joke. Really baffles me. But whatever in this crazy world.
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  #60  
Old 16.09.2011, 16:17
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Re: UBS loses US$2bn in rogue trading

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What I do not get is some people implying his race, or country of origin had something to do with this. By the way, the funny jokes above is pretty silly implying the Nigerian joke. The guy is actually Ghanian, no relations at all to Nigeria yet, people have been quick to drag Nigeria's name into this as some sort 419 scam joke. Really baffles me. But whatever in this crazy world.
It's called humor. It might not be to your taste, but it's one of those privileges that our forefathers passed down the line having earned it with blood, sweat, tears and the odd pause to smile. As there is very little that I can do to magic back the value of a small nation that was pissed away with selfishness or stupidity at UBS, I make light of the fact. I know the difference between downtown Accra and Lagos, but having to adapt a well known scamming letter to match the situation kind of assimilates the greed factor that is implied from both sources. Don't you think....?
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