Rogue Trader loses 2.3B for UBS

[Derrick]

This is incredible. Reminds me of the story about a private trader for a bank a few years ago not reporting losses until they mounted up to huge amounts! He ended up with a huge jail sentence. I don't think this is the case here, just some faulty investing and maybe taking on a bit too much risk. I'm sure UBS is working hard to make sure this doesn't happen again.

[Andrew]

This is incredible. Reminds me of the story about a private trader for a bank a few years ago not reporting losses until they mounted up to huge amounts! He ended up with a huge jail sentence. I don't think this is the case here, just some faulty investing and maybe taking on a bit too much risk. I'm sure UBS is working hard to make sure this doesn't happen again.

Sad to hear such a large bank can make these kind of mistakes. UBS should look more at their balance sheet and how they are teaching these traders that are managing their money. It's a volatile market out there but large bank investors should know better. Over 2 bil won't drop UBS though, they are a huge bank.

[Derrick]

Sad to hear such a large bank can make these kind of mistakes. UBS should look more at their balance sheet and how they are teaching these traders that are managing their money. It's a volatile market out there but large bank investors should know better. Over 2 bil won't drop UBS though, they are a huge bank.

Yeah, personally I don't like the fact that the bank places the blame on one rogue trader. The UBS bank should take overall responsibility for the loss. $2B is no small loss but lots of the rich are losing big lately.