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UBS hit by $2 billion loss from rogue trader
Posted on 9/15/11 at 9:53 am
Posted on 9/15/11 at 9:53 am
[LINK]
Not quite as cool as Kerviel IMHO.
el oh el.
quote:
The Wall Street Journal identified him as Kweku Adoboli, an employee in the firm’s exchange-traded funds unit.
Not quite as cool as Kerviel IMHO.
quote:
According to his profile on networking site LinkedIn, Adoboli is a director of ETF and Delta One — a class of derivatives that are intended to move in very close step with the underlying asset.
Delta One is also the division at Societe Generale SA FR:GLE +6.76% where Jerome Kerviel was a trader in 2008, when Kerviel’s unauthorized trades cost the French bank 4.9 billion euros ($6.7 billion).
el oh el.
This post was edited on 9/15/11 at 9:55 am
3
Posted on 9/15/11 at 10:07 am to kfizzle85
The MD should be fired. How can this still happen in this day and age?
Posted on 9/15/11 at 10:09 am to Tiger JJ
It says he was a director, maybe he is the MD in this case? 
Posted on 9/15/11 at 10:14 am to kfizzle85
quote:
UBS hit by $2 billion loss from rogue trader
SFP
Posted on 9/15/11 at 10:29 am to kfizzle85
It's amazing that traders only go rogue when they lose money. When was the last time a trader who made money for a bank was identified as rogue? How many guys have been fired for trading without proper authority when making money for a bank? Just call me skeptical whether or not the traders were actually rogues, or whether the banks just needed fall guys to take the blame (along with a nice severance package).
Posted on 9/26/11 at 10:36 am to kfizzle85
quote:
Mr. Grübel, 67, will not receive a severance payment and there is a six-month notice period, Mr. Villiger said.
Wish this applied to the fricktard that was ousted from HP after a 10-month reign as CEO.
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