Anyone can leave comments on stories you read, let me know what you like and what you don't, this is a blog for the people. Use your power!

email me @ beatblathering@gmail.com

Thursday, September 15, 2011

Like a Boss

So the largest Swiss Bank, UBS, is in the middle of damage control after a rogue trader within the company reportedly lost $2 billion.

From USA Today:
LONDON (AP) – Swiss banking giant UBS said Thursday that a rogue trader has caused it an estimated loss of $2 billion, stunning a beleaguered banking industry that has proven vulnerable to unauthorized trades.

Police in London said they arrested a 31-year-old UBS trader, Kweku Adoboli, in the alleged fraud. UBS declined to confirm his name.

Switzerland's largest bank warned that it could report a loss for the entire third quarter as a result of the rogue trade.

The case immediately evoked memories of Jerome Kerviel, the trader at French bank Societe Generale who secretly gambled away euro4.9 billion ($6.7 billion). The scale of that fraud rocked the global financial industry and prompted banks to tighten oversight rules to ensure such large sums couldn't be traded unnoticed.

The Swiss banking regulator Finma said it was in contact with UBS about the incident, which was discovered late Wednesday.

Dude, can you imagine sitting at your desk at a huge bank. You are hungover and pissed about not getting a promotion. So to fuck 'em all you just log in and dump 2 billion dollars into Silly Bandz or something. Fucking awesome. This is like Office Space on crack. I fucking love it. 

Where's your money now bitches?

The fact that something like this can happen without someone else in the bank immediately knowing they just got chopped for 2 BILLION bucks is outrageous to me. I mean how fucking rich are these banks? "Yo man did you hear that dude in finance just lost us 2 billion bucks?" "Yeah man just wait until I put in my two weeks and spend a billion on hookers." Like I would be out of my mind nervous to control $100,000. But a BILLION? A FUCKING BILLION BRO? Throw some of that shit my way, crazy Swiss bankers.

No comments:

Post a Comment