UBS rogue trader loses $2 billion

Another Nick Leeson

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

ZURICH | Thu Sep 15, 2011 3:45am EDT

(Reuters) - 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.

 

interesting story
seems to be priced in based on the ES price action

what a surprise...the guys at UBS in the know "pre positioned" themselves ahead of the news release
I wonder if that might explain some of the closing weakness in ES on Wednesday

WANKERS!

 

This guy revenge traded too much.... you should respect your daily stop loss

 

Wilhelm Von Kerviel aus Zurich.

 

The UBS bank reputation among clients after such small loss can only rise.

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you can build another Burj Khalifa for that kind of $$$

 

It seems to have happened in the equity division. Strange, I though more about Forex...

 

This made me laugh. The naive nature of most the folks on ET never ceases to amaze me.

 

rogue trader bullshit, they took a punt and like the wankers they are they got smacked plain and simple

 

Not sure if the risk managers, product controllers, middle offices, back offices and the other 100 people in charge of risk control in banks are less naive that the average ET to let such a loss happening... and don't get me wrong I've been working in a Top Tier Investment Bank ...