The Part-Time Investor
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The Traders' Blog
Rogue Trader in UBS losses 2 billion
A suspected rogue trader working for the UBS, a Swiss banking giant, incurs huge losses of $2 billion. Prior to his arrest, kewku Adoboli, 31, updated his Facebook page with, "I need a miracle".
Depending on an upcoming investigation, Mr. Adoboli will join the list of other traders in the past who have brought devastating trading results.
Other rogue traders in recent memory:
- Jerome Kerviel lost 4.3 billion euros for French bank Societe Generale. (2006-08)
- Nick Leeson lost 827 million pounds which was enough to bankrupt Barings Bank. (1995)
- Several currency traders lost $360 million for National Australia Bank (2003-04).
The impact of these events to the institutions involved is the loss of credibility and reliability. Investors would not want to do business with a particular institution they perceive may not have in place whatever is necessary to control risks.
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