UBS rogue trader loses $2 billion

I'm sure the CEO of UBS will do the right thing and take responsibility for the poor risk controls at UBS, handing in his resignation and returning past bonuses in due course...

 

even if he made them big money at some pt. they would have realized that he exceeded his position limits and he would have been unceremoniously fired without receiving a bonus.

 

There is a completely understandable reason for the losses:

the trader couldn´t find this button=>

 

Or they would have paid him off to keep the story quiet and not ruin the reputation of UBS?

Amazing how nobody bats an eyelid these days when a rogue trader loses a couple of billion! These days rogue traders need to lose HUNDREDS of billions to get the markets excited.

 

If you take the 'brand' of the Swiss Banks collectively it was for decades so powerful and strong (regardless of the fact the Swiss have zero morals when it comes to dealing with the scum of the earth, take the African dictators as just one good example).

But now, talk about trashing a brand because the Swiss seem to be some of the most incompetent bankers on the planet, and that's really saying something these days.

 

now u understand why the price of gold is up 4x

 

Where is emg? I thought the "house" always wins?

 

I think that guy used to post on ET. The name was something like "marketsurfer"...

 

When was the last time we heard of a US Bank having a "rogue trader" ? Seems it's always a Barings, a Soc Gen, a Metalgeshaftwhatever, a Jap Bank ... that kind of thing.

I recall that China executed a rogue trader in 2009 or thereabouts.

 

"UBS said last month it was to axe 3,500 jobs to shave 2 billion Swiss francs ($2.3 billion) off annual costs"

That's an average annual cost of $650k per employee. :eek: