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18 Sep 2011 10:51

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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.
Posted by Ernie Smith • 0 Comments • Permalink

15 Sep 2011 20:35

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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
Posted by Ernie Smith • 0 Comments • Permalink

15 Sep 2011 09:28

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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
Posted by Ernie Smith • 0 Comments • Permalink

04 Jan 2010 12:39

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Biz: UBS ugh: Whistleblowers don’t get any love anymore, it seems

This guy, Bradley Birkenfeld, was responsible for cracking the door open for UBS’ tax fraud case. A judge didn’t give him leniency. He’ll serve 40 months. source
Posted by Ernie Smith • 0 Comments • Permalink

23 Aug 2009 11:07

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Biz, U.S.: UBS says its Swiss bank account-holders “wanted to evade” taxes

  • The clients are not just harmless victims. They knew what they wanted to evade. But they trusted the bank that it would work. Now we have to correct that.
  • UBS chairman Kaspar Villiger • Describing the clients that they just had to rat out to the U.S. government for hiding their income in Swiss bank accounts to avoid taxes. While they transferred their information to the U.S., they claim no responsibility to actually make sure those clients actually pay taxes. • source
Posted by Ernie Smith • 7 Comments • Permalink
 
 
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