City rogue trader arrested over $2bn UBS loss

[Bosonic]

Source: Telegraph

A 31-year old man has been arrested by City of London police in connection with rogue trading that has cost UBS, the Swiss banking giant, an estimated $2bn (1.3bn).

In a statement the police said: "A 31-year old man was arrested at 3.30am in central London on suspicion of fraud by abuse of position. He remains in custody."

Shares in the bank plunged as much as 9.6pc in Switzerland on the news.

The bank said in a statement: "UBS has discovered a loss due to unauthorized trading by a trader in its Investment bank.

Read more: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8764363/City-rogue-trader-arrested-over-2bn-UBS-loss.html

[IthinkThereforeIAM]

1. UBS discovers $2 billion loss in unauthorized trade

Source: CNN

(CNN) -- Swiss banking giant UBS discovered that unauthorized trading has cost it an estimated $2 billion, it announced Thursday.
The "unauthorized trading by a trader in its investment bank" could cause the bank to record a loss in the third quarter of this year, it said.
The loss would potentially be among the largest costs ever to a bank in unauthorized trading.
Rogue trader Jerome Kerviel cost his bank, Societe Generale, almost $6 billion, and was sentenced to three years in prison last year.<snip>

<snip>"It declined to tell CNN where the trading occurred."<snip>


Read more: http://www.cnn.com/2011/BUSINESS/09/15/switzerland.bank.lost/index.html?eref=igoogledmn_topstories

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This makes me sick to my stomach, or it could be I am up too, late. The guy, "cost his bank", nearly $6 billion. He gets 3 years and then what? There has to be some loose change from all of that somewhere.

[cutlassmama]

2. white collar crime. slap on the wrist. Where are all the banks in this?

[htuttle]

3. Pirates

[Lucky Luciano]

4. So glad I resigned from that company! nt

[Blue_Tires]

5. stupid banker tricks again...

Honestly, even the worst gambling addicts are eventually made to get help if they want it or not, why is there nothing similar for these people?