UBS trader looses 2 billion

[Shpira]

Switzerland's UBS said on Thursday it had discovered unauthorized trading by a trader in its investment bank had caused a loss of some $2 billion.

I can't believe this shit is still going on! Castrate the fuckers!

http://www.reuters.com/article/2011/09/15/us-ubs-idUSTRE78E15I20110915

Not since Alexis left Morgan Stanley 2-3 years ago has something like this happened and he lost 700 mio...this is fucking insane!

[res0nat0r]

Re: UBS trader looses 2 billion

Shit you would think there would be some internal accountability for this.

[Illuminate]

Re: UBS trader looses 2 billion

Man this is not even the tip of an ice berg. You would think this kind of shit happens in every single bank.

[Shpira]

Re: UBS trader looses 2 billion

not really...you have people whose job is to only monitor risk i.e. exposure. If your position gets too big they tell you to cut it.

[bobjuice]

Re: UBS trader looses 2 billion

My first thought when i heard this on the news was "whoops - wonder if it's Shpira ??"

[Shpira]

Re: UBS trader looses 2 billion

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

yeah 't was me

[res0nat0r]

Re: UBS trader looses 2 billion

http://www.rollingstone.com/politics/blogs/taibblog/the-2-billion-ubs-incident-rogue-trader-my-ass-20110915

The $2 Billion UBS Incident: 'Rogue Trader' My Ass

[Shpira]

Re: UBS trader looses 2 billion

^^Not a bad article...and its not a "movement" its a decision made by the ICB to separate commercial and investment banks...the US on the contrary has not even signed Basel which is the basic banking regulation signed by pretty much everyone worldwide.