Not only did a rogue trader at USB lose $2 billion, USB was so comatose they didn’t even discover it themselves. He had to tell them.
British authorities are investigating why UBS’s internal controls were so apparently non-existent. Swiss authorities may force the bank to close or spin off its investment bank operations. Switzerland already bailed the bank back in 2008 and it probably getting tired once.
In any other industry, the incompetent greedhead idiots running banks like UBS would be been sacked long ago. Yet parasite investment banks continue to get billions from captured governments.
However this latest ingregious debacle may change that.
The Financial Times ask, Rogue trader or rogue bank?
Via Business Insider