Rogue trader loses $2 billion, UBS says

[jaxx]

Rogue trader loses $2 billion, UBS says

updated 2 hours 27 minutes ago (9.15.11)

GENEVA — Rogue trading has struck again, costing one of Europe's largest banks up to $2 billion and dealing a blow to its reputation.

London police said Thursday they had arrested 31-year-old Kweku Adoboli, a trader at UBS AG, in connection with alleged unauthorized trades that caused a loss of some $2 billion at the bank. UBS declined to confirm his name.

<..> "No rogue trader works in a vacuum, and UBS's management must have taken its eye off the ball to allow a trader to operate on this scale without sufficient supervision and without the systems to monitor his trades," Simon Morris, a partner at UK law firm CMS Cameron McKenna, told Reuters.

<..> The Financial Times said Adoboli was a trader in the bank's exchange traded funds business in London.The newspaper also reported that Adoboli's boss, John Hughes, may have resigned. There was no confirmation of that and a spokesman for the bank told the FT: "For the time being, we have nothing to add."

http://www.msnbc.msn.com/id/44530009/ns/...nIslux5p7k

WoW that is going to make the people sit up and take notice.

[nofurylike]

i hope it does catch attention!

thank you for posting that, jaxx!