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  1. #1

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    UBS trader arrested over 'rogue deals'

    Police in London have arrested a 31-year-old man in connection with allegations of unauthorised trading which has cost Swiss banking group UBS an estimated $2bn (£1.3bn).

    Kweku Adoboli, believed to work in the European equities division, was detained in the early hours of Thursday and remains in custody.

    UBS shares fell 8% after it announced it was investigating rogue trades.

    The Swiss bank said no customer accounts were affected.

    A spokesman for City of London Police, which is responsible for the city's financial district, said: "We can confirm we arrested a 31-year-old man at 3:30am on suspicion of fraud by abuse of position."

    In a letter to its 65,000 staff, UBS warned that the rogue trades could hit profits.

    ----------

    One would have thought that after Nick Leeson big banks like this would sort out internal controls.

  2. #2

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    Quote Originally Posted by AtW View Post
    One would have thought that after Nick Leeson big banks like this would sort out internal controls.
    And what exactly is wrong with an "ad hominem" argument? Dodgy Agent, 16-5-2014

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    At these banks you only get called a "rogue trader" when your trades lose, otherwise you're called a top dealer and get a nice big fat thank you cheque.
    SARS-CoV-2 - Finally something from China that still works as designed.

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    Quote Originally Posted by DimPrawn View Post
    At these banks you only get called a "rogue trader" when your trades lose, otherwise you're called a top dealer and get a nice big fat thank you cheque.
    WHS

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    Quote Originally Posted by DimPrawn View Post
    At these banks you only get called a "rogue trader" when your trades lose, otherwise you're called a top dealer and get a nice big fat thank you cheque.
    Aye.

    It takes some skill to lose $2 bln, just think of the market power this sort of money can achieve with the right gearing - some tulip traders as we speak probably do their best to try to keep the market going the right way for them as otherwise they are totally tuliped.

    The end result is that they keep getting big bonuses whilst you and me pay increased prices for food, fuel, clothes etc.

  6. #6

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    Quote Originally Posted by AtW View Post
    Aye.

    It takes some skill to lose $2 bln, just think of the market power this sort of money can achieve with the right gearing - some tulip traders as we speak probably do their best to try to keep the market going the right way for them as otherwise they are totally tuliped.

    The end result is that they keep getting big bonuses whilst you and me pay increased prices for food, fuel, clothes etc.
    Come the revolution, eh Comrade?

  7. #7

    Obstinate Git

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    Quote Originally Posted by Churchill View Post
    Come the revolution, eh Comrade?
    Вставай, проклятьем заклеймённый,
    Весь мир голодных и рабов!
    Кипит наш разум возмущённый
    И в смертный бой вести готов.
    Весь мир насилья мы разрушим
    До основанья, а затем
    Мы наш, мы новый мир построим, —
    Кто был ничем, тот станет всем.

    Припев:

    Это есть наш последний
    И решительный бой.
    С Интернационалом
    Воспрянет род людской!
    And what exactly is wrong with an "ad hominem" argument? Dodgy Agent, 16-5-2014

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    Quote Originally Posted by Churchill View Post
    Come the revolution, eh Comrade?
    You are already revolting.

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    Quote Originally Posted by Mich the Tester View Post
    Вставай, проклятьем заклеймённый,
    Весь мир голодных и рабов!
    Кипит наш разум возмущённый
    И в смертный бой вести готов.
    Весь мир насилья мы разрушим
    До основанья, а затем
    Мы наш, мы новый мир построим, —
    Кто был ничем, тот станет всем.

    Припев:

    Это есть наш последний
    И решительный бой.
    С Интернационалом
    Воспрянет род людской!
    The Afghans showed 'em a thing or two...

  10. #10

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    Quote Originally Posted by Churchill View Post
    The Afghans showed 'em a thing or two...
    Just like they did to Alexander the Great and countless other invaders that included Britain on more than one occasion ...

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