Police in London arrest suspect linked with 2bn dollars rogue trades at UBS

Friday, September 16th 2011 - 06:56 UTC

Full article 11 comments

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 dollar (£1.3bn). Read full article

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Marcos Alejandro
This guy stole 2bn dollars?
No problem mate you'll feel right at home in London.
Sep 16th, 2011 - 03:07 pm - Link - Report abuse 0
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ElaineB
This chap was from Guyana, working for a Swiss bank in London (one of the financial capitals of the world), thus he will fall under British law, I guess.

One has to wonder what his bosses were doing while he was playing roulette with their client's money.
Sep 16th, 2011 - 07:18 pm - Link - Report abuse 0
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J.A. Roberts
No Marcos, he LOST the money. Do you never read anything properly?

@Elaine, he was from Ghana, not Guyana... Went to school and Uni in the UK
Sep 16th, 2011 - 07:53 pm - Link - Report abuse 0
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lsolde
Make him earn the $2bn, then pay it back(ha ha)!
Sep 16th, 2011 - 09:31 pm - Link - Report abuse 0
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ElaineB
@3 Sorry. I was half listening to the news and researching something else entirely. : )

Note: I must pay attention.

Still extraordinary that one man can hold such power without supervision.
Sep 16th, 2011 - 10:02 pm - Link - Report abuse 0
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Marcos Alejandro
Yes please pay attention Ghana, Africa; Malvinas Argentinas, South America.
Sep 17th, 2011 - 12:58 am - Link - Report abuse 0
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J.A. Roberts
@Elaine. I find it astounding that their Risk dept didn't pick this up. Apparently he used to work in the back office so knew all the systems inside out. Not an excuse though...
Sep 17th, 2011 - 06:41 am - Link - Report abuse 0
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Fido Dido
of course he did it and UBS didn't know until he lost the money by gambling.

Rollingstones Magazine: Matt Taibbi going after the BANKSTERS explains it better.
http://www.rollingstone.com/politics/blogs/taibblog/the-2-billion-ubs-incident-rogue-trader-my-ass-20110915
Sep 17th, 2011 - 07:43 am - Link - Report abuse 0
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Think
Chuckle chuckle™

”……Mr. Kweku Adoboli was interested in Argentinean wine……”
http://online.wsj.com/article/SB10001424053111904060604576572933761726432.html

Will be interesting to follow if he also was ”interested enough” in South-Atlantic Junk Oil Shares to include them into his ”unauthorised” Portfolio.
My guess is: YES.

Anyhow……………………………

Nothing but ”positive news” in MercoPress about the South Atlantic new ”Oil Province”…….
Time to look at the YEARLY share price plunge of those fine companies……
In strict alphabetical order………:

ARGHHHHOS : http://online.wsj.com/article/SB10001424053111904060604576572933761726432.html
BORDERS & SOUTHERN DISCOMFORT:
http://online.wsj.com/article/SB10001424053111904060604576572933761726432.html

DESPIRE PETROLEUM
http://online.wsj.com/article/SB10001424053111904060604576572933761726432.html

FALKLAND OIL AND GAAAAS:
http://online.wsj.com/article/SB10001424053111904060604576572933761726432.html

ROCKFLOPPER EXPLOITATION:
http://online.wsj.com/article/SB10001424053111904060604576572933761726432.html
Sep 17th, 2011 - 08:35 am - Link - Report abuse 0
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ElaineB
@7 Similar to the Nick Leeson case.

The guy is culpable but so is UBS for not enforcing proper safeguards when allowing a member of staff to run loose with their money.

It is a weirdly bubble-like world these traders live in. They put in long hours, work hard, play hard and earn obscene amounts of money. It is unreal and most seem to rely on alcohol and drugs to fuel the lifestyle. Ultimately, he didn't steal the money for himself but may well have been chasing a fat performance bonus.

He will pay for it, his immediate boss has resigned, and the bank will survive.
Sep 17th, 2011 - 11:00 am - Link - Report abuse 0
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Fido Dido
He will pay for it, his immediate boss has resigned, and the bank will survive.

Bank will survive, if the Swiss government is able to bail them out again, after they got bailed out by the Federal Reserve with US tax money. Oh wait, it's the US government that is also after UBS for helping “rich” US clients to escape high US taxes. Uhmm, how excited + are overleveraged in countries like Austria (trouble), Greece, Spain (both in trouble) etc etc.
Sep 18th, 2011 - 11:01 pm - Link - Report abuse 0
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