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18 Sep 2011 10:51


Biz: UBS: Losses from rogue trader much higher than originally reported

  • $2.3 billion estimated trading loss, up by $300 million source
  • » And the CEO won’t resign: Despite the black mark on his company’s record, Oswald Gruebel says he won’t resign due to the actions of rogue trader Kweku Adoboli. “I’m responsible for everything that happens at the bank,” Gruebel said. “if you ask me whether I feel guilty, then I would say no.” So how did Adoboli manage to hide his unauthorized trades? Well, before he became a trader, he worked in the back office, giving him knowledge of both sides of the coin. Authorities charged Adoboli in a London court on Friday.

15 Sep 2011 20:35


Biz: Rogue UBS investor showed signs of nervousness prior to arrest

  • last week UBS trader Kweku Adoboli had a weird plea on his Facebook page: “Need a miracle.” The plea came on the same day as Switzerland’s central bank put a limit on how quickly the Swiss franc can grow against the Euro. Wonder if they’re connected … yeah, we’re gonna assume probably.
  • this week After the bank realized it lost $2 billion on a series of unauthorized trades, Adoboli was arrested today. As one analyst, Fred Ponzo of Greyspark partners, put it: “The only way to dig a hole this big is by design.” In other words, UBS looks like it’s got some serious risk assessment problems. source

15 Sep 2011 09:28


Biz: UBS loses a ton of money thanks to one sketchy employee

  • one dude the number of people involved in rogue trading at UBS; Kweku Adoboli was arrested in London, and “suspicion of fraud by abuse of position” is to blame
  • $2 billion the amount of money said unauthorized trading will cost UBS; that’s, like, a major loss for the company, one that could wipe out the company’s quarterly profits source

12 Aug 2011 11:19


World: Scotland Yard takes offense to David Cameron’s take on riot response

  • I think after any event like this, people will always make comments who weren’t there.
  • Scotland Yard Acting Commissioner Tim Godwin • Offering a rebuttal to the tough comments Prime Minister David Cameron made about the police response to the riots in London and throughout the United Kingdom. Mind you, Godwin has a point — see, Cameron, top policing official Theresa May and London Mayor Boris Johnson all happened to be on vacation at the time, and only came back to the country after the crisis got out of control. British police officers have arrested around 1,051 people since the attacks began, and roughly 591 have been charged with crimes thus far. source

11 Aug 2011 10:47


World: David Cameron’s tough words for British rioters: “We will hunt you”

  • To the lawless minority, the criminals who have taken what they could, we will hunt you. … We will punish you.
  • British PM David Cameron • Offering tough words to looters and rioters as Britain attempts to rein in a set of riots that have expanded beyond London and into other cities. While he admitted local officials were not ready for such a breakout of violence, he did praise community leaders who helped restore normalcy. Damage from the riots is estimated to top $300 million. source

09 Aug 2011 22:45


World: London mayor faces tough crowd amid protests

  • 9,000 pound tuition fee!
  • An annoyed bystander • Interrupting London Mayor Boris Johnson’s press conference on his efforts to clean up the city. The crowd wasn’t really listening. “It’s all your fault!” someone else shouted. Around 16,000 members of the police force have been deployed in the city until Wednesday morning. One woman asked where they were when a looter threw a brick through her shop’s window. Have the riots in the city become a vehicle for misunderstood youth or an exploitative device? source

09 Aug 2011 10:46


World: Tottenham community activist: We must move beyond this moment

  • We cannot afford to be divided in our pain and pursuit of justice and unity that involves every aspect of our community — from our grass roots groups, our businesses, our politicians and our police. Police need our consent, and the community needs good policing because the night Tottenham burned, all civilians needed each other.
  • Community activist Symeon Brown • Offering his take on the situation in London, where protests against a man’s death in Tottenham, north London descended into chaos on three consecutive nights. Brown’s take, which he wrote for CNN, notes that “We must reclaim the streets in London” — that is, move beyond the violence currently engulfing the streets. Brown compares the spark for the violence, the shooting death of local resident Mark Duggan, to the deaths of Cherry Groce and Cynthia Jarrett, which led to two separate 1985 riots in London, one of which led to the death of police officer Keith Blakelock. “Although we have lost buildings and landmarks that have been a part of Tottenham’s heritage,” he argues, “the spirit that saw us overcome the deaths of Cynthia Jarrett and PC Blakelock in 1985 is all we have.” source

07 Aug 2011 11:04


World: Officials call for calm after fiery Tottenham riots engulf parts of London

  • This was appalling and unacceptable violence which put people’s lives and safety at risk and must not be tolerated. An independent investigation into the shooting of Mark Duggan had already begun last week, and that is the right way to respond.
  • Shadow Home Office Minister Shabana Mahmood • Reacting to anger in the Tottenham region of London over the fatal shooting of resident Mark Duggan at the hands of police. Buildings were set ablaze, buses were reduced to their frame, looters posted pictures of themselves stealing stuff on Twitter and dozens of police officers were injured overnight. At least 42 people were arrested for violent disorder, theft or burglary. To put it simply, it was not a particularly good night for the region. source

27 Mar 2011 11:23


World: After the fact: London protests cause tons of freaking damage

  • 201 people were arrested after London’s austerity protests last night
  • 100 street cleaners worked overnight to fix the damage caused
  • tens the amount, in thousands of pounds, officials say cleanup will cost source
  • » And ol’ Clocky suffered “superficial damage”: A number of major structures were hit, including the Olympic clock, the memorial, the Ritz and Fortnum and Mason, were damaged. Nearby businesses may have also gotten nailed very badly.

17 Sep 2010 11:36


U.S.: Proof the Pope is no longer in the Vatican: Terrorism arrests

  • 5 people arrested on terror charges related to the Pope source