UBS trader in $2 billion loss on Unauthorized Trade

[eyetosky]

LONDON/ZURICH, Sep. 15, 2011 (Reuters) - Swiss bank UBS said a trader had lost it around $2 billion in unauthorized deals, and police in London arrested 31-year-old Kweku Adoboli in connection with the case

Comments

Mod note.

[rex_dart]

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Re: Mod note.

[eyetosky]

D'oh. Thanks.

[jamesq]

Do they reprimand/arrest guys who make unauthorized trades that are successful, or only the ones that lose the company billions of dollars? If so, the problem isn't going to go away because the message isn't "don't do anything illegal", it's "don't lose and don't get caught."

or only the ones that lose the company billions of dollars?

[evildevil]

what do you think? I bet they look away when the deal is profitable and they get a cut, but when things go awry, of course they would need a fall guy to take the blame.

[evildevil]

"(This) is a staggering demonstration that all the clever systems that the banks now have, especially after the financial crisis, still cannot stop a determined individual getting round them if they want to,"

clearly this means we need LESS regulations, dont worry, the invisible hand of the free market will fix it!

[romp]

shit, you're right--I bet there are people saying that right now :(