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$2 Billion-Dollar Loss


Business  (tags: swiss, business, banking )

Eduardo
- 610 days ago - legal-news.laws.com
Swiss banking giant UBS discovered that a series of unauthorized trades has cost the international power an estimated $2 billion. The unauthorized trading (conducted by an unidentified trader in its investment banking branch) could wind-up costing



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Comments

Tim C. (382)
Thursday September 15, 2011, 11:50 am
tks
 

Roger Garin-michaud (58)
Thursday September 15, 2011, 1:00 pm
thanks
 

Hugh W. (17)
Thursday September 15, 2011, 1:21 pm
How does someone do something so stupid? How does no one notice who did it? If someone wants to accidentally add $2B to my account, I won't have any problem with that. There are a lot of great charities I could help.
 

Carol H. (215)
Thursday September 15, 2011, 3:10 pm
noted, thank you
 

Morris G. (18)
Thursday September 15, 2011, 3:39 pm
At least they lost their shareholder's money unlike the Obama administration which poured over half a billion dollars of OUR money into the now bankrupt solar panel company Solyndra. Not only that but members of his own staff warned before the loan was made that the company was a bad risk, but one of the principal owners was a large campaign contributor to Obama so that advice was ignored. Not only did the administration make the loan, they agreed to a SUBORDINATE position which simply means that as the assets are sold off Obama's buddy gets paid back while the taxpayers get nothing. If you know anything about government loans the government NEVER takes a subordinate position. Pure political payback using our money. Criminal
 

Phil Hanson (17)
Thursday September 15, 2011, 7:08 pm
@Morris G.

Your information on the Solyndra deal is wrong, Morris, and you do no one in the Care2 community a favor when you post comments that distort the truth (or ignore it completely) and perpetuate myths or outright lies that lead people to wrong conclusions.

Some fact you might not be aware of: Starting on George Bush's watch in 2007, the Solyndra deal was three years in the making; Obama actually took steps that protected the taxpayer's investment when Bush tried to rush the deal through at the last minute before he left office; government is one of the biggest investors in technology; Solyndra was the victim of changing market conditions, nothing more and nothing less.

Get the verifiable facts on the Solyndra deal at Grist:

http://www.grist.org/solar-power/2011-09-13-bush-admin-pushed-solyndra-loan-guarantee-for-two-years
 

Mary Donnelly (43)
Friday September 16, 2011, 5:14 am
Thanks Eduardo.

The reason this sort of thing happens continually is that correct records are not kept, and/or bosses don't take proper care of what their employees do. e.g. demand that the records be kept properl , and that employees confirm to the rules as set out in their contracts.
 
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