UBS raises rogue equity trade losses to $2.3 billion (Will Obama bail them out again?)

Reuters ^ | 9/18/11 | Emma Thomasson and Silke Koltrowitz

[jimbo123]

Swiss bank UBS on Sunday increased the amount it said it had lost on rogue equity trades to $2.3 billion and alleged a trader concealed his risky deals by creating fictitious hedging positions in internal systems.

UBS stunned markets on Thursday when it announced unauthorised trades had lost it some $2 billion. London trader Kweku Adoboli was charged on Friday with fraud and false accounting dating back to 2008.

[jimbo123]

Will Obama to bail out his buddies at the Swiss investment bank yet again?

[FlyingEagle]

Kweku.

What more need be said?

[SeeSharp]

London trader Kweku Adoboli was charged on Friday with fraud and false accounting dating back to 2008.

LOL - They let a Nigerian work at their bank?

When I was in high school I had a part time job working for a stereo dealer. The manager got in a little trouble once for having a sign on the cash register that said "No Checks from Nigerians".

[jakerobins]

The Fed bailing out European banks? Nah that couldn’t happen when we the US is bankrupt!! /Sarcasm

[Chode]

an international affirmative action hire... let it be a learning experience

[SunkenCiv]

Thanks jimbo123.

Swiss bank UBS... rogue equity trades... alleged a trader concealed his risky deals by creating fictitious hedging positions in internal systems... lost it some $2 billion. London trader Kweku Adoboli was charged on Friday with fraud and false accounting dating back to 2008

[Cowboy Bob]

They raised the losses from $2.0 billion to $2.3 billion? I bet some UBS insiders just pocketed $300 million and are blaming it on the Colored boy...

[Noob1999]

Maybe this is the guy whose uncle died with lots of money that he needs your SS number to get.

Maybe to cover his position.

Since 2008?? Great internal control system there UBS.

[Justaham]

They let a Nigerian work at their bank?

Too funny!!!!

[nascarnation]

Any chance he’s a relative of Baraq?

Kinda looks a bit like Sr, no?

[Chode]

yea And YES!!!

[Chode]

that's YES and YES...

[nascarnation]

[Irenic]

I don’t know if this connects at all but I will toss it out anyhow:

Robert Wolf :
“In addition to his roles at UBS, Robert was appointed as a member of President Obama’s Council on Jobs and Competitiveness and prior to that was on the President’s Economic Recovery Advisory Board chaired by former Federal Reserve Chair Paul Volcker, from 2009-2011”
http: //www.ibb.ubs.com/Meet_our_mngmt/robert-wolf.shtml
***********************************

What I find more interesting is that Obama’s emergency jobs plan/scam is at least a year old. I think this proves absolutely his plan was presented in front of congress for purely political/campaign reasons.

WASHINGTON | Tue Sep 21, 2010 3:00pm EDT

“Wolf said Congress should establish a national grant and lending institution that would leverage private investment to finance transportation and other big-ticket projects like rail, road, water, broadband or airport upgrades.”

“Obama envisions creating the bank as part of long-term infrastructure spending legislation expected to take shape in 2011. Presidential advisers have suggested capitalizing the bank at $25 billion.”
http://www.reuters.com/article/2010/09/21/us-usa-infrastructure-bank-idUSTRE68K42V20100921

Also, supports American Jobs Act:
ttp://www.whitehouse.gov/the-press-office/2011/09/08/robert-wolf-ubs-americas-president-ubs-investment-bank-and-member-presid

And wasn’t UBS along with Buffet etc a backer of Obama election?

[Chode]

damn...