Ubs

[347Mike]

What happened? I keep reading a trader lost $2B for the company? I understand what happened but don't understand how that much money can be weighted on any one person? Anyone want to put this in layman terms?

On a side note, is it worth buying? I just don't know what this "screw up" means for the company, or if it will continue to have bad news. It seems to be at 2 year lows with the 3 year low being $7.XX.

[347Mike]

You bastards never fail to deliver, what the hell is going on here??

[Broncojohnny]

I know nothing about UBS. It is a European bank, they could fold up any day if they are capitalized like most European banks and have exposure to a bunch of shitty debt. I don't have faith in the Europeans like I do in Americans.

As for the $2B. He probably took up a hugely leverage position in options or futures that flopped. It isn't hard to lose 20 times your equity in stupid deals like that.

[roliath]

internal company fund, i bet he lost big and was trying to come up big real quick and failed.

[slow99]

internal company fund, i bet he lost big and was trying to come up big real quick and failed.

Yep. Prop trader, loses his ass and gets aggressive to cover losses, loses his ass even more.

[roliath]

Yep. Prop trader, loses his ass and gets aggressive to cover losses, loses his ass even more.

would you consider his career to be pretty much over? would he get blackballed at any other firms?

[347Mike]

would you consider his career to be pretty much over? would he get blackballed at any other firms?

I would think that is a huge liability but what do I know? Lol

[slow99]

would you consider his career to be pretty much over? would he get blackballed at any other firms?

Yeah, he's toast.

[roliath]

Yeah, he's toast.

i figured as much but i'm not too up and up on the way their employment works.

[slow99]

i figured as much but i'm not too up and up on the way their employment works.

It isn't the loss (although at $2 billion it is) as much as the fraud. You go through some serious fucking background checks to work for an I-bank. The only place he could possibly end up would be his own hedge or PE fund (if he's stashed enough to tap it when he gets out of prison).

[Geor!]

u&us

[Cooter]

would you consider his career to be pretty much over? would he get blackballed at any other firms?

really?

[roliath]

really?

well like slow99 said,

he could possibly end up would be his own hedge or PE fund (if he's stashed enough to tap it when he gets out of prison).

That's basically what I was wondering.

[slow99]

well like slow99 said,
That's basically what I was wondering.

Hedge funds are unregulated.