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it would be interesting if Max is right and it was a slv etf
Let's face facts.
We're fucked. We're looking at a 10 year depression.
But what the fuck can we do?
Only 10 yrs? What makes you so optimistic?
he cant count beyond that.
Any chance he could be a "fall guy" - to take a hit to his name, a bump to his bank account/concealed bank account, and a slap on the wrist - in order to cover up some expected losses or highly questionable dealings with PM ETFs?
Sure is nice to have one person to blame for a $2B loss and an internal investigation to clean up the dirty laundry
Yeah - I am going to put a Nigerian on the trading desk. These investment banks should not be bailed out nymore. F em.
Noooooo. Really? Kweeku? that guy went only to the best schools!
"... he appears to enjoy watching CNBC's Fast Money. No real suprise there."
This is so fabulous, and made me roar with laughter. And the sad thing is, about the only people I know who would appreciate this joke are found only here on ZH. Again, this feeling of abject isolation fostered by ZH. It sometimes feels like we're a genre distinct from the other bipeds around us.
It's our opposable thumbs that gives us away.
UBS is as much a puke as SocGen for selling out an employee like this.
UBS is a bigger puke than SocGen because this employee was obviously promoted as part of UBS PC grovelling diversity initiatives (UBS Americas CEO Robert Wolf is a mega-Obama supporter who golfs with Obama and whose sons play basket ball with the chosen one). It looks like UBS investors are on the hook for $2B. Unfortunately US taxpayers are already on the hook for $6T due to the Democrat party idiots selection of the diversity president.
Who cares! All I see is green everywhere.
I must be going mad. That must be it. The evidence is all too clear. It's as if I find myself in a game of musical chairs. The atmosphere is festive, although I'm not quite sure what the occasion is. The expectation and energy in the air crackles sharp as a saltine snapped in two. The game is about to begin. Spectators, masked and bedecked in jewels and finery of almost celestial origin, ring the participants. The lights dim suddenly, and the music starts. Around and around we go. I don't quite know the tune; odd but somewhat familiar. The on-lookers are laughing uproariously, and I can't figure out why. The music plays. And plays. And plays. Just as I'm beginning to think it might never stop, it does. A mad scramble ensues. But to our horror, we realize that there are no chairs on the floor. We were circling nothing at all. The laughter is deafening. I realize then that the only winner is the music-maker.
And that, by golly, is our folly and foe.
Know here you are coming from. Reading the paper makes me feel like I am taking crazy pills. Markets rise on Greeking Crisis Easing? Did I miss something? Was there some actual event I missed which "eased" the Greek financial crisis? That's awesome! Can't beleive it slipped by me! What was it again?
One guy, a lone rogue trader. srsly?
he is labeled a rogue trader because he lost money. if he had made $2B that would have been fine.
EXACTLY. This wasn't one fucking peon running amok, this was OBVIOUSLY an inside job, top-to-bottom. Too many controls on traders now after other "rogues". If this fucker made them money, he would be looking at a vacation instead of jail. Hope he talks , and brings down some more fuckers.
All it takes is one guy from Fight Club.
Why doesn't $2 Billion sound like alot of money anymore...?
Futures like the news...up, up up and awaaayyy...fucked market.
cpi today. bennie on deck for next week.
QE3 you are cleared for takeoff...
At my age your question is mind numbing.
I find it funny that last month UBS announced the layoff of 3,500 workders to save $2 Billion. I'm sure the 3,500 people getting cut find the coincidence amusing.
We need more affirmative action trading desks like ALL of Fannie Mae and Freddie Mac.
I swear I got an email from some Kweko Adoboli just the other day. "Dearest Friend: I know this may seem unusual but I am at a trading desk and due to the death of my long lost uncle I have come into possession of $2 billion dollars which I find must be deposited elsewhere for safekeeping. If you could just send me your bank account number . . . ."
Well, I'm just paraphrasing. But next time I get an email like that, I'm gonna jump right on it.
Thanks for the coffee in my nose.
We need to keep bailing out these fine talented assets, er, asshats, or else we might have a depression. LMAO!
:cue e-trade baby loses everything vid.:
love that video!
This is what happens when you combine the speed of machines with the minds of men.
Can't reverse the "Enter" button hit!
I'm sure some model told him he was doing good things, making mountains of money and all.
Machine Strong Human Weak
Have no fear, futures are up. All is well with the world...til next month.
Adoboli is just an anagram for Diabloo. A devil that misspells his own name - somone at UBS should have noticed one would think.
Not too relevant, but, you jogged a memory.
Back in the late 80`s all CV`s sent to SG Warburg (now UBS investment bank) were vetted by their in house handwriting `expert` - a german lady IIRC. It was mandatory that CV`s were hand written at that time, specificaly so that she could make a character assesment on the basis of the writing.
... perhaps lack of focus on the task at hand is an industry wide issue???
Swiss National Bank does a crazy intervention on their currency and then wonder why a trader gets caught on the wrong side. Good times.
maybe the Delta 1 team did not let Abodoli, the man from ghana, in on the known secret that SNB will devalue on Tuesd.
John Hughes his boss appears to be a white shoe boy
This news is, of course, bullish for stocks.
A lot of things seem to be carboncopies of 2007-2008. Hopefully silver will not crash this time as in 2007-2008:(
Why not? Then your LOLlars will buy more of it. How is a deal a bad thing?
From LinkedIn. Not all that popular...
Director ETF and Delta1 Trading at UBS Investment BankLondon, United Kingdom
if he was a HFT, all would have been legal! isn't that so?
If he was an HFT, they would have cancled the trade and the counterparty would have to sustain the losses.
Are they going to blame it all on leveraged ETF's? Don't be surprised in order to get rid of all leveraged etfs this would be how you get the sheep on board?
And this is why people hate banks. Take a loan or credit card from these criminals and you are treated like a piece of shit. You have 'their' money and you are to be monitored constantly and beat into submission if you even think about making a late payment. How many people's lives have been ruined over balances in the hundreds of dollars.
On the other hand, once they have your money behind their gated walls, any scumbag with a job and access to a trading terminal can do whatever he or she wants with your money. Apparently the level of scrutiny and monitoring drops dramatically once it's in their 'professional' hands. I guess its good to be TBTF and have a perpetual supply of taxpayer money backstopping you. Where's a public uprising and guillotine when you need one?
"Hi UBS...I would like a job with your organization. I have a good feeling about some trades and $2,000,000,000 in others people's money would be a nice start to my success. Regards, NumberNone"
Maybe he bet the house on Europe breaking up yesterday, Greece defaulting the day before yesterday etc. Ah, to be young, impressionable, and an avid blog and financial press reader.
Had it worked he would have been set with coke and whores every day to eternity. Now he gets a slap on the wrist.
How strange, nobody else, but nobody, is doing as much.
Focusing the blame on the "rogue" trader is (U)BS. Risk management is the board's responsibility. And they are nine kinds of stupid for allowing this to happen. (Not like the $59 billion in losses over the past 3 years covered them in glory). But it's not all bad news. Just think how well the counterparties made out...
That's Sade's nephew.
UBS should have outsourced the whole junk trading department to Ghana and all the Kwekus, Kofis would have made you rich.
After that move in CHF it would be a surprise if someone didn't get hurt. Even if forex risk tolerances are managed in a tight band, what happens to the poor bastard who gets caught in the Swiss peg and then waits to unwind it while it just gets worse? 22% move from 1.44 to 112? Bring out your dead...
Does anyone know if this was the smoking gun as to why SNB borrowed USD from the FED? Does anyone know if the ETF was a dollar based ETF?
Rogue trader informs his supervisor that things went a tad bad....
the Rogue was probably just following orders and got backstabbed.
Everything that the sick banks do now is technically rogue, to the rest of us and to natural law and physics.
how to keep levitating a broke, sack-o-sh*t bank?
how to steal public money?
How to leverage that into political influence?
How to make money killing off jobs, businesses and countries?
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