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


ricohflex

Senior Member
Feb 24, 2005
3,353
8
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sing
#1
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-loss-offset-portfolio-singapores-gic-145512769.html

http://www.dailymail.co.uk/debate/a...sted-anyones-money-own.html?ito=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.
 

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hanzohattori

Senior Member
Apr 16, 2010
999
5
18
#2
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... :dunno:
 

sfoto100

Senior Member
Nov 29, 2009
2,092
0
36
#3
Ehem... What to do? It has happened
 

#4
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? :think:
 

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Big Kahuna

Senior Member
Dec 15, 2004
2,126
1
38
Singapore, Singapore, Singapor
#5
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 :what:
 

Dec 3, 2010
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3rd stone from the sun
#6
...nothing special :D

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.
 

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sfoto100

Senior Member
Nov 29, 2009
2,092
0
36
#8
9V-Orion Images said:
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? :think:
Sad.... There goes the citizens money... Hard earned money....


And no one will be responsible as usual..
 

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