Rogue trader who lost £170 billion arrested

[alreadypacked]

The charges add that Mr Adoboli filed false accounts between October 2008 and December 2009, and from January to September 2011.

How did they not spot a problem that has gone on since Oct 2008 FFS

BBC News - UBS 'rogue trader': Loss estimate raised to $2.3bn

[Sysman]

I can't find where it blames that on a rogue trader?

That's 'cos someone too high up the food chain authorised it.

They need someone relatively junior to hang the tag "rogue trader" on.

[Freamon]

I can't find where it blames that on a rogue trader?

But can you find a similar article about UBS?

[Doggy Styles]

Maybe this will help:

BNP Paribas to suffer losses on Greek debt | News | Fundweb

I can't find where it blames that on a rogue trader?

[Freamon]

What you are describing is private bank loss, not sovereign debt. Sovereign debt is government debt. Why would a private bank pretend a government deficit is their fault?

Maybe this will help:

BNP Paribas to suffer losses on Greek debt | News | Fundweb

[Doggy Styles]

You don't (publicly). You just say "this one trader is responsible for £170bn of losses on our equities delta one desk" and then book the loss that is actually due to sov debt. Or more likely you lump it in with the real losses that the rogue trader made.

What you are describing is private bank loss, not sovereign debt. Sovereign debt is government debt. Why would a private bank pretend a government deficit is their fault?

[AtW]

Interestingly the profitable rogue traders never come to light.

They do in those massive bonus lists.

HTH

[Freamon]

How do you pin sovereign debt on rogue traders in private banks?

You don't (publicly). You just say "this one trader is responsible for £170bn of losses on our equities delta one desk" and then book the loss that is actually due to sov debt. Or more likely you lump it in with the real losses that the rogue trader made.

Interestingly the profitable rogue traders never come to light.

[Doggy Styles]

He's not the first and he won't be the last. I suspect we'll see a few more banks "discover" some "rogue traders" as a way of explaining their losses on eurozone sov debt.

How do you pin sovereign debt on rogue traders in private banks?

[Freamon]

He's not the first and he won't be the last. I suspect we'll see a few more banks "discover" some "rogue traders" as a way of explaining their losses on eurozone sov debt.

[Doggy Styles]

I see that I have erred in the title which should begin "Rogue trader Brown"

HTH

Sort of lost its effect then.

Anyway he lost more than that. The 170 billion was just in one year.

[Chantho]

I see that I have erred in the title which should begin "Rogue trader Brown"

HTH

[AtW]

170 billion? Are you dreaming?

He is doing DimPrawn on us.

HTH

[Doggy Styles]

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So if Nic Leeson got 8 years for losing £850 million an appropriate sentence would be 1600 years....

170 billion? Are you dreaming?

[Chantho]

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So if Nic Leeson got 8 years for losing £850 million an appropriate sentence would be 1600 years....