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preferred u
09-15-2011, 03:46 PM
Swiss bank UBS says unauthorised trading by a member of staff at its investment bank has resulted in a loss worth an estimated $2bn (£1.3bn).
The bank said it was still investigating the matter, so the value could change.
This could lead to a loss for the third quarter of 2011, it said in an official statement.
No customer accounts were affected, the Zurich and Basel-based banking group added.
Its shares opened 7% lower shortly after the announcement was made.
from a post by spaceboy at SH forums
UBS was rescued by the Swiss state in 2008 following huge losses on toxic assets held by its investment bank. Last month the bank announced 3,500 jobs cuts. quote from bbc
Ask around the billionaire circles, "Anybody know about a loose $2,000,000,000 or so?"
But we gotta, just gotta cut aid to the needy. There's just no money. from a reply by apileocole ar SH forum
http://www.stevehoffman.tv/forums/showthread.php?t=262798&highlight=
all of this sounds rather familiar seems like the Swiss cant keep their hands outa the cookie jar either
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merrylander
09-16-2011, 07:29 AM
We needen't worry about UBS, our own Golman Sachs bought and sold 860 million barrels of oil in the summer of 2008. Surely it does not take that much oil to heat their building.:rolleyes:


And some on this group would have us believe it is the government that is driving up the cost of energy.:p

preferred u
09-16-2011, 03:30 PM
True the UBS thing was small in comparison to Goldman Sachs, Lehman Bros. AIG,
etc. etc and many others including Enron before them.

Charles
09-16-2011, 03:57 PM
True the UBS thing was small in comparison to Goldman Sachs, Lehman Bros. AIG,
etc. etc and many others including Enron before them.

You're right about that.

Our boys can piss that much away before breakfast.

Chas