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Old 15.09.2011, 09:24
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UBS loses US$2bn in rogue trading

Oh dear: http://www.bbc.co.uk/news/business-14927432
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Old 15.09.2011, 09:33
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Re: UBS loses US$2bn in rogue trading

Stock down 6%. Says might post loss for Q3.
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Old 15.09.2011, 09:46
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Rogue trader in UBS costs it $2 billion

Check this out:

http://www.bbc.co.uk/news/business-14927432

JC
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Old 15.09.2011, 09:52
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Re: Rogue trader in UBS costs it $2 billion

This can only help UBS to gain our lost trust in them.
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Old 15.09.2011, 09:54
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Re: Rogue trader in UBS costs it $2 billion


Yeah, absolutely, it was a 'rogue trader' that caused us to lose all that money Herr Taxpayer. Honest, we're a bank and you can trust us.

Isn't it strange how 'rogue traders' never seem to make money? You'd think that the law of averages dictates that these handy scapegoats would make money as often as lose it but you never see headlines to the effect of 'Rogue Trader makes bank hundreds of millions of dollars, hailed as hero'.
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Old 15.09.2011, 10:04
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Re: Rogue trader in UBS costs it $2 billion

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Yeah, absolutely, it was a 'rogue trader' that caused us to lose all that money Herr Taxpayer. Honest, we're a bank and you can trust us.

Isn't it strange how 'rogue traders' never seem to make money? You'd think that the law of averages dictates that these handy scapegoats would make money as often as lose it but you never see headlines to the effect of 'Rogue Trader makes bank hundreds of millions of dollars, hailed as hero'.
That's exactly how the Kerviel case went at Société Générale in Paris: as long as rogue trader makes money (illegaly) bosses cover to get their bonus. As soon as money is lost they react like "we didn't know".
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Old 15.09.2011, 10:25
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Re: Rogue trader in UBS costs it $2 billion

Irony is that their recent round of job cuts were planned to save the bank around $2 billion. Ho hum..
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Old 15.09.2011, 10:33
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Re: Rogue trader in UBS costs it $2 billion

Erm, there are now two threads on this topic, this one and the one I started about half an hour before it. (UBS loses US$2bn in rogue trading) Maybe a mod could combine them?
Cheers
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Old 15.09.2011, 11:11
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Re: Rogue trader in UBS costs it $2 billion

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Erm, there are now two threads on this topic, this one and the one I started about half an hour before it. (UBS loses US$2bn in rogue trading) Maybe a mod could combine them?
Cheers
you could also look here
Financial Crisis Bank News [was: How Safe is UBS?]
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Old 15.09.2011, 11:17
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Re: Rogue trader in UBS costs it $2 billion

Calm down.
It's only virtual paper-money anyway. All the savings are given to the people who take-out loans....
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Old 15.09.2011, 11:56
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Re: Rogue trader in UBS costs it $2 billion

Not to worry - the police have apparently broken their policy of looking the other way when bankers lose billions:

http://www.telegraph.co.uk/finance/n...-UBS-loss.html

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In a statement the police said: "A 31-year old man was arrested at 3.30am in central London on suspicion of fraud by abuse of position. He remains in custody."
The trader's identity remains unclear although Swiss newspaper NZZ claimed he or she worked in the bank's equities division. The report said the loss had been discovered on Wednesday afternoon and was down to "a trader with substantial criminal energy". However, those claims remains unsubstantiated and some banking sources suggested equity losses on such a scale would be unlikely.
I'm not holding my breath that this means that all the other top bankers and traders around the world who cumulatively blew trillions of dollars are now going to face criminal investigation...
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Old 15.09.2011, 12:06
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Re: Rogue trader in UBS costs it $2 billion

My bank will soon be my mattress.
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Old 15.09.2011, 12:56
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Re: Rogue trader in UBS costs it $2 billion

Probably FX losses as a direct on SNB's intervention.
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Old 15.09.2011, 13:06
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Re: Rogue trader in UBS costs it $2 billion

A trader in his 30s has been arrested in London in connection with this
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Old 15.09.2011, 13:21
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Re: Rogue trader in UBS costs it $2 billion

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A trader in his 30s has been arrested in London in connection with this
He will probably sue for his bonus, unfair dismissal!
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Old 15.09.2011, 13:21
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Re: UBS loses US$2bn in rogue trading

There is a one case of where rogue traders made some money.. it was very short lived and only in Australia

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Old 15.09.2011, 14:01
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Re: Rogue trader in UBS costs it $2 billion

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Probably FX losses as a direct on SNB's intervention.
The law of unintended consequences strikes again ...

If that turns out to be the case, I guess that literally almost decimating the buying power of everyone's CHF savings and salary overnight wasn't an entirely consequence-less move by the authorities. Who'd have thunk it?
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Old 15.09.2011, 14:10
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Re: UBS loses US$2bn in rogue trading

Was Nick Leeson released? I missed that news. http://www.nickleeson.com/
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Old 15.09.2011, 14:11
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Re: UBS loses US$2bn in rogue trading

I am off to invest in toilet paper. Will be worth more then notes.
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Old 15.09.2011, 14:41
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Re: Rogue trader in UBS costs it $2 billion

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Probably FX losses as a direct on SNB's intervention.
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"
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