Police Charge UBS Trader With Fraud

[crymomma]

LONDON – London police charged Kweku M. Adoboli, a 31-year old UBS trader, with fraud “by abuse of position and false accounting” on Friday after the Swiss bank said it lost $2 billion because of unauthorized trades.
Mr. Adoboli received two charges of false accounting from 2008 to 2009 and one charge of abuse of position, a London Magistrates court said. The investigation is ongoing and being conducted by the London police in collaboration with the Serious Fraud Office, the Financial Services Authority and the Crown Prosecution Service.
The charge raises renewed questions about UBS’s risk management processes, which chief executive Oswald J. Grübel had pledged to improve when he took over in 2009. The chairman of UBS, Kaspar Villiger, said Thursday in a speech to a business group in Bern that “it was a very professionally managed case of fraud, possibly by one person acting alone” and that he felt “personally disappointed.”
A spokesman for UBS declined to comment but said that no further person was suspended over the issue. http://dealbook.nytimes.com/2011/09/16/police-charge-ubs-trader-with-fraud/

[ukbobboy01]

Crymomma (and forum members)

The UK Government is trying to introduce new banking regulations to isolate (ring fence) the parts of banks dealing with mortgages, savings, loans, small businesses, etc., and the taxpayer, from the parts dealing with riskier endeavours.

I believe that banks that play fast and loose with money should not be allowed to call on the tax payer to bail them out, they should go the way of Lehman Brothers, i.e. into extinction.

BTW, I not heard of the US trying to introduce any new banking regulations, is that right?



UK Bob

[crymomma]

COLUMBUS, Ohio, Sept. 15, 2011 /PRNewswire/ -- American Electric Power (NYSE: AEP) has scheduled a live audio webcast of a panel presentation by AEP President Nicholas K. Akins at the Bank of America Merrill Lynch 2011 Power and Gas Leaders Conference in New York on Sept. 20.
The panel, entitled "Coal Utilities in a New EPA World," will begin at 9:15 a.m. EDT and can be accessed through the Internet at AEP - Conference Calls / Webcasts. The webcast also will be available after the live event. This is the only information i know of. http://www.prnewswire.com/news-releases/aep-presidents-remarks-at-bank-of-america-merrill-lynch-2011-power-and-gas-leaders-conference-to-be-webcast-129900458.html

[ukbobboy01]

Crymomma

I can't understand what the article you link to has to do with banking regulations plus the web cast did not work when I tried it.

Anyway, I saw something, I believe, could be somewhat disturbing on the "Keiser Report", shown on the Russia Today news channel.

Here is the URL to the video of that show but be warned because the first half could be seen as an anti-american rant, so I suggest that you watch it from 13 minutes & 40 seconds in (the entire show lasts 26m 56s).

Keiser Report 185; RT

If what is reported is true then Bank of America is still in financial trouble, still doing dodgy money tricks and the architect of all this woe has been allowed to walk away with a bag of cash and a slapped wrist.


UK Bob

For those US forum members with mortgages may find the following website useful:

The Mortgage Lender Implode-O-Meter - tracking the housing finance breakdown, related to Alt-A and subprime mortgages, lending fraud, predatory lending, housing bubble, mortgage banking, foreclosures, debt, consolidation, lawyers, class-action lawsui