Monday, September 19, 2011

Letter of the day


Sir, If the so-called unauthorised trades had resulted in a $2bn profit, would the "rogue" trader have been arrested? Would anyone even hear about it? Would UBS cancel the trades and return the profits to the counterparties? The answers are no, no and no.
Stan Trybulski
Branford
Connecticut
US

4 Comments:

Blogger Angus said...

How very true.

However neither would happen if management chose to abide by the old tried and tested rules ? 1) Always check the swipe cards to see if a trader spends time in the office after NY closes and 2 ) never ever promote someone from back or mid office to the dealing desk . After all back office people are the only ones intelligent enogh to understand what happens to a trade after you press the enter button .

1:48 pm  
Blogger Winchester whisperer said...

LOL Angus

7:52 am  
Blogger kinglear said...

Angus - you are so right. But this is UBS. They are Swiss. Every Swiss is a policeman. They just forget that other nations aren't....

11:08 am  
Blogger Ellee Seymour said...

So how many more of them are there around?

4:44 pm  

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