Ahem..... UBS Bank.... Anyone???? $2 Billion with a "B"!!!

This story just breaking from CBS and AP


Seem's someone got away with financial murder.....




CBS/AP) Updated at 7:40 a.m. Eastern


'GENEVA - Swiss bank UBS said Thursday that a rogue trader has caused it an estimated loss of $2 billion, and warned that it could report a loss for the entire third quarter as a result.


A man was arrested in London just hours after the announcement in connection with the ongoing fraud investigation, a police spokesman tells CBS News.

Police have told multiple media outlets the suspect is Kweku Adoboli, whose profile on the LinkedIn website says he's a "Director ETF and Delta1 Trading at UBS Investment Bank."


The announcement sent UBS AG shares plummeting more than 8 percent in early trading on the Zurich exchange. By mid-morning shares were down 5 percent at 10.38 Swiss francs ($11.83).


The bank provided little information on the incident, saying it was still under investigation. But it said no customer money was affected.


"UBS has discovered a loss due to unauthorized trading by a trader in its investment bank," it said in a statement before markets opened.


"UBS's current estimate of the loss on the trades is in the range of $2 billion," it added. "It is possible that this could lead UBS to report a loss for the third quarter of 2011."


Police in the British capital's financial district announced an arrest in the early morning hours of Thursday in connection with the UBS case.


"City of London police arrested a 31 year old man in central London on suspicion of fraud by abuse of position, he remains in police custody," spokesman Harry Watkinson told CBS News. "

www.cbsnews.com...

uk.reuters.com...

What do you trade on that the net loss is 2 bill large?

How do you let that much money go unnoticed that long... for someone to steal it or lose it like that..

On "Bloomberg" now, and it seems they are starting to refer to this as a tipping point in many comments on Mainstream News outlets....

Lousy, or good timing????





www.businessweek.com...

reply to post by Old77


Exactly my thoughts...seem's a lot of $$$$ is just disappearing these days....

In banks, homes, stocks, political funds....

Only place $$$$ is safe, would be on the moon....

Nawwww....

guess they will have to double that jobs cut.

www.abovetopsecret.com...
knew i seen 2billion somewhere recently

A new form of terrorism?

JP Morgan just announced this is the final straw for UBS, as an investment bank....????

Hmmmmm...

Thoughts????

reply to post by JohnySeagull




Good find!!!!!

reply to post by Mentorman


Yeah, it's a very well dressed terrorist though, or he'd never get his foot in the door...

A tradeorrist......

reply to post by freetree64


Remember this guy?

www.abovetopsecret.com...

You'd think there would be some safeguard making such trades impossible without a lot of involvement.

Wow, yesterday before i went to work i uploaded this image of a vision i had.Today i wake up to hear the news,i wonder if this bank is connected to credit suisse.
www.flickr.com...

This makes me wonder how many others have done this, and it has gone unreported or unnoticed. As it was said above, a new form of terrorism. Maybe the entire world financial crisis was created this way.

Rogue trader? I dont think so!
it is becoming apparent that some group is collapsing countries and Big banks.
there is a financial war going on. and they use inside rogue trader!
to Take the money and bring down countries, banks and big companies.
I would love to know where the money went?
with All the other so called rogue traders.
some one needs to find the companies the money went to.
and find out who owns them. because that money goes to some BIG company.
and they ATS can point a finger at them and say
“they are collapsing the worlds economy .”
Please can some one find out where the rogue traders are sending the money?
(Rogue trader loses French bank $7 billion) and many more.

"UBS has been pressing to restore its reputation after suffering huge losses relating to toxic debts in the United States and needing a $60 billion bailout from the Swiss government."
Link

what is this Toxi Debt?
So the US IS helping trying to bring down UBS and switzerland?

This guy thinks there is more to this than the lone rogue trader.

hat4uk.wordpress.com...

UPS should of spotted this after 2008 credit crunch. The traders boss has resigned.