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Thread: 11 Billion Swiss francs GIC invested in UBS is now worth 2.5 Billion Swiss Francs

  1. #1
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    Default 11 Billion Swiss francs GIC invested in UBS is now worth 2.5 Billion Swiss Francs

    Did UBS top mgt really control their traders? If the rogue trader gambled and lost, he lost other people's (silly investors) money.

    http://sg.news.yahoo.com/ubs-stake-l...145512769.html

    http://www.dailymail.co.uk/debate/ar...=feeds-newsxml

    Kweku Adoboli (from Ghana) stayed in a rented luxurious London home - rental is 1000 per week. That's about Sing$8,000 rental per month.
    Last edited by ricohflex; 26th September 2011 at 03:04 PM.

  2. #2

    Default Re: 11 Billion Swiss francs GIC invested in UBS is now worth 2.5 Billion Swiss Francs

    Quote Originally Posted by ricohflex View Post
    Did UBS top mgt really control their traders? If the rogue trader gambled and lost, he lost other people's (silly investors) money.

    Kweku Adoboli (from Ghana) stayed in a rented luxurious London home - rental is 1000 per week. That's about Sing$8,000 rental per month.
    Thats nothing, I know a Singapore trader who pays twice as much for a penthouse in Somerset.
    But I agree the control is quite dubious. They are supposed to check every traders PnL statement regularly. And this has been going on for 3 years...

  3. #3

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    Ehem... What to do? It has happened

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    Member 9V-Orion Images's Avatar
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    Default Re: 11 Billion Swiss francs GIC invested in UBS is now worth 2.5 Billion Swiss Francs

    With the Government of Singapore Investment Corporation (GIC) as the largest shareholder of UBS, how much will they lose this time along with Temasek Holdings?
    Last edited by 9V-Orion Images; 26th September 2011 at 10:05 PM.
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    Senior Member Big Kahuna's Avatar
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    Default Re: 11 Billion Swiss francs GIC invested in UBS is now worth 2.5 Billion Swiss Francs

    In most system, there is a trading limit to a trader and you need an overrider to grant you more trading amount....and the settlement dept are suppose to check on everyday report.....the trading system should be able to churn out some P&L report too....I really can't believe no one spotted that esp for a big bank like UBS

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    Default Re: 11 Billion Swiss francs GIC invested in UBS is now worth 2.5 Billion Swiss Francs

    ...nothing special

    everybody knows, all stock exchange & brokers "working" like casinos, with extreme crimial energy.
    the worst on earth are the NYSE and LSE plus the "rating agencys" !!!

    but the W O R L D C H A M P I O N is still the cheater Bernad Madoff,
    he steal over

    60 000 000 000,00 U$ Dollar

    from his clients.
    Last edited by Poseidon88; 26th September 2011 at 10:37 PM.

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    Member 9V-Orion Images's Avatar
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    Default Re: 11 Billion Swiss francs GIC invested in UBS is now worth 2.5 Billion Swiss Francs

    The Register, How To Go From The IT Department To Being A Rogue Trader
    By Dominic Connor on 2011-09-20 T 17:30 +8

    Interesting perspective.
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  8. #8

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    Quote Originally Posted by 9V-Orion Images
    With the Government of Singapore Investment Corporation (GIC) as the largest shareholder of UBS, how much will they lose this time along with Temasek Holdings?
    Sad.... There goes the citizens money... Hard earned money....


    And no one will be responsible as usual..

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