Where was risk management when we needed it? Out to lunch. According to Dealbreaker, Kweku Adoboli, a 31-year old trader in UBS’s London-based exchange traded funds business, was arrested on Thursday morning in connection with a $2bn loss due to unauthorised trading at the Swiss group’s investment bank.
The Swiss group declined to comment, other than saying the loss had been caused by “a trader” and the matter was under investigation. It warned that the discovery could prompt it to report an overall loss for the group when third-quarter figures are revealed in October. … “It is possible that this could lead UBS to report a loss for the third quarter of 2011. No client positions were affected,” the group said in a statement.
Our special congrats to the taxpayers who are going to have to pick up the tab for this little adventure in fiscal depravity...
For the full story check out http://www.ft.com/intl/cms/s/0/258a38d2-df6a-11e0-845a-00144feabdc0.html#ixzz1Y1N9Nwr1
No comments:
Post a Comment