Friday, September 16, 2011
Over the past twenty-four hours, we’ve learned more about the rogue trader that lost the Swiss bank UBS $2 billion. It turns out that the trader, Kweku Adoboli, had the same job at UBS as Societe Generale's Jérôme Kerviel, whose fraudulent trading cost the bank €4.9 billion in 2008. How does this happen, and what is it that drives these traders to commit fraud?
Thursday, September 15, 2011
Swiss bank UBS says a "rogue trader" in its investment bank has generated $2 billion in losses by making unauthorized trades. Kweku Adoboli, 31, was arrested this morning by police in London. Louise Cooper, analyst for BGC Partners, a firm specializing in financial services, talks about how this could have happened.
Wednesday, May 04, 2011
UBS Agrees to Multi-Million Dollar Settlement
The SEC and several states, including New York, have reached a multi-million dollar settlement with UBS over alleged fraud in municipal bond auctions. Without admitting guilt, the Swiss bank will make payments totaling $160 million to settle charges it defrauded local government bond issuers. The bank was accused of engaging in various forms of bid rigging and securities fraud from 2000 to 2004. New York City's Municipal Water Finance Authority is among the parties, and is now eligible to take part in a claims process. The settlement is the part of a long-running and still on-going investigation.