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Thread: The $2 billion UBS Incident

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    The $2 billion UBS Incident

    http://www.commondreams.org/view/2011/09/15-8

    The $2 Billion UBS loss

    Does this infer a need for regulation?
    Was he a rogue trader?
    Is current banking unstable?
    Are these the people we bailed out?
    Are they actually organized white collar crime?
    Last edited by DaveFagan; 09-18-11 at 11:30 AM. Reason: mistaken link

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    Re: The $2 billion UBS Incident

    i'd like to know more about how one trader had unauthorized access to that kind of money. as well as the details of the trade.

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    Re: The $2 billion UBS Incident

    Does it matter how it was done? It wasn't supposed to be possible, this is the new era of responsible banking with multiple safeguards in place.
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    Re: The $2 billion UBS Incident

    Quote Originally Posted by Manc Skipper View Post
    Does it matter how it was done? It wasn't supposed to be possible, this is the new era of responsible banking with multiple safeguards in place.
    No we need to deregulate banks because that's good for the economy. Think about it, if stronger regulations were in place to prevent this, this poor trader might not have been able to run off with $2 billion! Think of how much economic activity he stimulated with his lavish lifestyle. Why do you hate capitalism and freedom?
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: The $2 billion UBS Incident

    Quote Originally Posted by DaveFagan View Post
    The $2 Billion UBS Incident: 'Rogue Trader' My Ass | Common Dreams

    The $2 Billion UBS loss

    Does this infer a need for regulation?
    Was he a rogue trader?
    Is current banking unstable?
    Are these the people we bailed out?
    Are they actually organized white collar crime?
    did this happen in the US? If not what are you talking about?

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    Re: The $2 billion UBS Incident

    Quote Originally Posted by washunut View Post
    did this happen in the US? If not what are you talking about?
    Happened in the UK.. in the US he would not have been busted
    PeteEU

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    Re: The $2 billion UBS Incident

    Quote Originally Posted by Deuce View Post
    No we need to deregulate banks because that's good for the economy. Think about it, if stronger regulations were in place to prevent this, this poor trader might not have been able to run off with $2 billion! Think of how much economic activity he stimulated with his lavish lifestyle. Why do you hate capitalism and freedom?
    lol

    the odd part to me is that everything i'm reading states that he didn't even have a car.

    the good news is that this guy has a bright future at AIG or Goldman. and possibly as a future secretary of the treasury.

    Bernanke can print 2 billion dollars by 9 AM. this trader isn't even in the big leagues.

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    Re: The $2 billion UBS Incident

    Quote Originally Posted by washunut View Post
    did this happen in the US? If not what are you talking about?
    I believe the data indicate that over half of the stimulus monies were loans to foreign banks, because international linkage would have taken all the banks down withour intervention.

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    Re: The $2 billion UBS Incident

    LOL, I like how the article tries to blame this for tipping the EU over the edge. The fix is easy. The desire is not there.

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    Re: The $2 billion UBS Incident

    Quote Originally Posted by DaveFagan View Post
    I believe the data indicate that over half of the stimulus monies were loans to foreign banks, because international linkage would have taken all the banks down withour intervention.
    I could be wrong but I did not think that any TARP money went to foreign banks. There was a lot of interbank stuff that the Fed did which you are correct did help those banks over the 2008-2009 crisis.

    All I was trying to say is that the new regs from Dodd-Frank will not have an impact of what a UBS employee in London did.

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