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Rouge Trader Losses $2 Billion

JONJO THE MISER · 2011-09-15 19:04:38

http://www.dailymail.co.uk/news/article-2037632/Kweku-Adoboli-UBS-trader-arrested-London-running-1-3bn-losses.html Ouch and i thought i felt bad when i once lost nearly 4k gambling.

15-09-2011 7:04pm

#1

JONJO THE MISER

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http://www.dailymail.co.uk/news/article-2037632/Kweku-Adoboli-UBS-trader-arrested-London-running-1-3bn-losses.html

Ouch and i thought i felt bad when i once lost nearly 4k gambling.

A suspected rogue trader was arrested in London in a dramatic pre-dawn swoop today on suspicion of losing a major investment bank £1.3bn.

Thirty-one-year-old Ghanaian Kweku Adoboli was held on suspicion of committing fraud while working at Swiss bank UBS, after police raided his home at 3.30am.

After the raid the bank's shares fell by seven per cent, as UBS warned that the unauthorised trading could tip the firm into a third-quarter loss.

Bank chief Oswald Gruebel revealed to staff in a memo yesterday that the rogue deals had been discovered within the past 24 hours.

He told staff: 'We regret to inform you that yesterday we uncovered a case of unauthorised trading by a trader in the Investment Bank. We have reported it to the markets in line with regulatory disclosure obligations.

'The matter is still being investigated, but we currently estimate the loss on the trades to be around 2 billion US dollars.'

He vowed to 'establish exactly what has happened' and underscored that 'no client positions were affected'.

Read more: http://www.dailymail.co.uk/news/article-2037632/Kweku-Adoboli-UBS-trader-arrested-London-running-1-3bn-losses.html#ixzz1Y38c5wdz

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Comments

#2 15-09-2011 7:04pm

Jett Gentle Ringleader
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Should have gone for mascara trading instead

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#3 15-09-2011 7:06pm

squod

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Did he look down the back of the couch?

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#4 15-09-2011 7:06pm

mikom

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A Ghanaian held on suspicion of committing fraud.
Well I never.....

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#5 15-09-2011 7:07pm

Cork boy 55

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I blame the social welfare system

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#6 15-09-2011 7:07pm

dr.bollocko

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I ninja added the article to the first post. Even though it's from the funking mail. Just cos it's in the fooking charter. Please do this yourself the next time to save me wasting my ninja powers on crap from the mail.

Now that my mod job is done I'm off to play Battlefield till my eyes bleed.

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#7 15-09-2011 7:10pm

Arciphel

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Nick Leeson will be delighted, he'll be getting interview requests by the bucket load!

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#8 15-09-2011 7:12pm

parker kent

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bluewolf wrote: »

Should have gone for mascara trading instead

Although after losing 2 billion, it is handy he has a bit of rouge to put some colour on his cheeks. I know I'd be pretty pale after that anyway :pac:

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#9 15-09-2011 7:25pm

longshanks

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How are we 85 billion in debt with no arrests?
This lightweight drops two billion and there are dawn raids and arrests overnight

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#10 15-09-2011 7:27pm

Smcgie

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I don't swallow that story... It's likely to keep shareholders happy about a poor financial year that everyone had a part to play in.

He's a scapegoat if you ask me.

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#11 15-09-2011 7:28pm

ballsymchugh

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would UBS have reported him for fraud if his gambles had made $2billion profit??

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#12 15-09-2011 7:28pm

Saila

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nick back to his old tricks again is he :mad:

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#13 15-09-2011 7:37pm

Pace2008

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Scarlet over that.

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#14 15-09-2011 7:42pm

Saila

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Pace2008 wrote: »

Scarlet over that.

wrong thread

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#15 15-09-2011 7:44pm

Gran Hermano

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Left red-faced no doubt.

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#16 15-09-2011 7:46pm

the groutch

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that's unbelievable Jonjo.......

.......where did you get 4 grand from???

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#17 15-09-2011 7:53pm

Riddle101

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The only thing I thought of when I saw rogue trader in the title was this.

https://www.youtube.com/watch?v=SKAqmqVQ700

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#18 15-09-2011 8:39pm

Solnskaya

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Riddle101 wrote: »

The only thing I thought of when I saw rogue trader in the title was this.

https://www.youtube.com/watch?v=SKAqmqVQ700

where did you see "rogue" trader? I thought it was a thread about a dodgy Avon lady.

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#19 15-09-2011 8:47pm

Crazy Horse 6

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Cork boy 55 wrote: »

I blame the social welfare system

Rubbish everyone knows it's the single mothers fault.

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#20 15-09-2011 8:47pm

mattjack

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I lost my ATM card today

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#21 15-09-2011 8:47pm

ejmaztec

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the groutch wrote: »

that's unbelievable Jonjo.......

.......where did you get 4 grand from???

Leave him alone, he's colour-blind.:(

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#22 15-09-2011 9:05pm

Jimoslimos

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i'd say he's in the red now

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#23 15-09-2011 10:04pm

Solnskaya

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he just blew a lot of other peoples moulin.

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#24 15-09-2011 10:10pm

Pherekydes

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Headline screams: Rouge trader ends up in red

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