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ANOTHER NICK LEESON? UBS rogue trader arrested.

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ANOTHER NICK LEESON? UBS rogue trader arrested.

Post  Panda on Thu 15 Sep - 11:19

A 31yr old unauthorised trader working for UBS in London has been arrested on charges of losing $2 billion . Another example of the lack of control
by Management , UBS just managing to regain it"s reputation from the sub-prime Mortgage scandal.

Many years ago when I was working for HSBC in Jersey, I attended a 2 day Seminar in London about banking. BTW, I was the only one from our Branch
who attended the Lectures, the senior Bosses were too hung over.!!!

Anyway, one of the Lecturers said most Bank traders are played out by the time they reach early 30"s because of the pressure they are under. He
likened Bank trading to street traders, manic working conditions . To be in a Trading room of any large investment bank is to witness split second decisions and you only have to visit any stock exchange in the World to see how what we would consider chaos is to the norm there.


Last edited by Panda on Thu 15 Sep - 12:16; edited 1 time in total

Panda
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Re: ANOTHER NICK LEESON? UBS rogue trader arrested.

Post  chrissie on Thu 15 Sep - 11:38

Hi Panda, it's actually $2 BILLION.

I agree about it being stressful but most of them make enough dosh to retire very early anyway.

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Re: ANOTHER NICK LEESON? UBS rogue trader arrested.

Post  Panda on Thu 15 Sep - 12:34

chrissie wrote:Hi Panda, it's actually $2 BILLION.

I agree about it being stressful but most of them make enough dosh to retire very early anyway.

Hi chrissie, Yes I had noticed when I read the post and thought I had altered the figure, thanks.

Barclays issue a Green Card to Traders who make the most profit each month. This entitles them to stay overnight in a plush London Hotel and invite friends to dinner there.

There was the News report of some Traders having a binge night in a Restaurant and spending £13,000 on Booze.!!!!!!! The Banks have the nerve
to criticise the proposal to ring fence Retail Banking when the Government had to bail out some Banks and will be lucky if the taxpayers money is repaid

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Re: ANOTHER NICK LEESON? UBS rogue trader arrested.

Post  Panda on Fri 16 Sep - 9:07

The $2.billion fraud is from Ghana, a Quaker , moved to Israel, then to the U.K. where he attended Nottingham Uni his interests are Wine and Cycling
and Photography.

The case is being likened to Kerviel, who worked for Societe Generale in France. He too was charged with Fraud on a grand scale but said he had access to all kinds of info at SG which showed the lax approach by the Bank. Both have Degrees in Computer Science.

In both cases the Police arrested the culprits on a charge of Fraud, the Banks distancing themselves from any liability.

Moody"s is putting UBS on review with regard to downgrading

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Re: ANOTHER NICK LEESON? UBS rogue trader arrested.

Post  Panda on Fri 16 Sep - 18:33

Adoboli, the rogue Trader has been charged with Fraud and false accounting and is still in Custody. He has retained Kinglsey Napier, the Law Firm
who defended Nick Leeson and the charges go back to 2008.

How on earth could $2 billion shortfall not be noted since 2008 ???????? After Kerviel and Leeson there was supposed to be a tightening of security
by Banks

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Re: ANOTHER NICK LEESON? UBS rogue trader arrested.

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