Banker arrested for losing chump change
9.15.2011 Leave a comment
According to the New York Times:
UBS said on Thursday that a rogue trader in its investment bank had lost $2 billion, delivering a fresh blow to the beleaguered Swiss bank.
The police in London have arrested a European equities trader, Kweku Adoboli, in connection with the case, according to a person with direct knowledge of the situation who was not authorized to speak publicly.
A shocking instance of governmental interference in the market.
- Rogue Trader Kweku Adoboli Costs UBS $2 Million (VIDEO) (blippitt.com)
- City rogue trader Kweku Adoboli arrested over $2bn UBS loss (telegraph.co.uk)
- UBS Rogue Trader Had Been “Reduced To Watching Fox News For Guidance” (zerohedge.com)
- UBS’s Warburg stalwarts might welcome a smaller investment bank (telegraph.co.uk)
- Rogue trader causes $2 billion loss at UBS (seattlepi.com)
- Man arrested after UBS trader loses $2B (thestar.com)
- UBS hit by US$2-billion rogue trade (business.financialpost.com)
- Rogue trader at UBS loses $2bn (telegraph.co.uk)
- UBS rogue trader: statement to employees in full (telegraph.co.uk)
- Swiss bank UBS says rogue trader causes $2B loss (ctv.ca)