UBS has started European trading off on the wrong track. 'Astonishingly', coming clean to a USD2bn loss on the back of unauthorized trading.No detail has been given on the type of trade but the Bloomberg headlines, UBS equity price crash, and the initial reaction was clear:
*UBS SAYS TRADING LOSS OF $2 BLN :UBSN VX
*UBS CITES UNAUTHORIZED TRADE IN INVESTMENT BANK :UBSN VX
*UBS SAYS MAY MAKE LOSS IN THIRD QUARTER BECAUSE OF TRADE
*UBS SAYS NO CLIENT POSITIONS AFFECTED :UBSN VX
*UBS SAYS MATTER IS STILL BEING INVESTIGATED :UBSN VX
*UBS DROPS 9.2% IN ZURICH TRADING
However we have now rallied to highs in stock indicies despite the news. Its a good job these bankers got, its like a free 1 million buck chip. Take a punt, it works out you get paid big, if it doesn't you lose your job. Good life of a banker!
Click HERE for a look at past rogue traders
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