Et Tu, UBS?
Claire Berlinski, Ed. ·
Sep 15, 2011 at 5:05am
My goodness, at this rate, I could almost lose faith in the values of the young men who work for giant banks.
Swiss banking giant UBS said Thursday that a rogue trader has caused it an estimated loss of $2 billion, stunning a beleaguered banking industry that has proven vulnerable to unauthorized trades. Police in London said they arrested a 31-year-old man in connection with the loss.
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Apr '11
Re: Et Tu, UBS?
Don't worry, the taxpayers will make it whole.
Sep '10
Re: Et Tu, UBS?
Young men are hired to be traders because they are risk takers. Older men are hired to supervise the younger men. That is where the problem lies.
Sep '10
Re: Et Tu, UBS?
When Nick Leeson took down Barings Bank, it was quickly apparent that he had done so easily because Barings lacked the most rudimentary internal controls and the directors had been warned about it by their own auditors. But the "rogue trader" provided a convenient cover for the buffoonery of dusty old men in finery.
I'll wait to see who this develops but "rogue trader" is a phrase like the "end of the day": sound and fury signifying no such thing.
Sep '10
Re: Et Tu, UBS?
The most amazing and disconcerting aspect of this is that this bank had already been through a massive scandal wherein, in 2007, they woke one morning to find $80bn in subprime mortgage debt on their balance sheet and but for the largess of the Swiss government they would not exist...perhaps this is a good argument for letting that happen. Pseudo is right it is the old men in London and Zurich who failed.
Mar '11
Re: Et Tu, UBS?
The 419ers are probably already all over this.
Dear Sir/Madam,
I am a trader for a famous Swiss investment bank. I have immediately the needs to transfer $2 billion to a financial institution in your country. As a token of my apprieciations, I will let you have $350 million of this funds as soon as the transaction is completed and I lose this Interpol tail. Please to contact me back at the e-mail address given below.
Thanks you