Another Rogue Trade
Via Reuters:
Swiss bank UBS on Sunday increased the amount it said it had lost on rogue equity trades to $2.3 billion and alleged a trader concealed his risky deals by creating fictitious hedging positions in internal systems.UBS stunned markets on Thursday when it announced unauthorised trades had lost it some $2 billion. London trader Kweku Adoboli was charged on Friday with fraud and false accounting dating back to 2008.
“The loss resulted from unauthorised speculative trading in various S&P 500, DAX, and EuroStoxx index futures over the last three months,” UBS said in a brief statement.“The loss arising from this matter is $2.3 billion. As previously stated, no client positions were affected."
No Client positions affected! – complete B.S