Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

UBS Trader in $2 Billion Loss on Unauthorized Trade

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

Reuters
Sept 15, 2011

Switzerland’s¬†UBS said on Thursday it had discovered unauthorized trading by a trader in its investment bank had caused a loss of some $2 billion.

“The matter is still being investigated, but UBS’s current estimate of the loss on the trades is in the range of $2 billion,” the bank said in a brief statement just before the stock market opened.”It is possible that this could lead UBS to report a loss for the third quarter of 2011.No client positions were affected.”

UBS shares immediately tumbled 8 percent at the open and were trading down 5.8 percent at 10.30 francs at 0714 GMT, compared with a flat European banking sector index.

“It is amazing that this is still possible,” said ZKB trading analyst Claude Zehnder. “They obviously have a problem with risk management. Even when the amount isn’t so high it is once more a loss of confidence that casts UBS in a poor light.”

“With this they are losing a lot of credit that they had regained with effort,” he added.

Full article here

This article was posted: Thursday, September 15, 2011 at 3:37 am





Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

FEATURED VIDEOS
Pope Francis: Shut the F**k Up See the rest on the Alex Jones YouTube channel.

Gavin McInnes: Why is the Left Promoting Pedophilia? See the rest on the Alex Jones YouTube channel.

© 2016 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.