UBS trader jailed for seven years in $2.3 billion fraud

Comments (8)
JamVee wrote:

This guy deserves whatever he gets. but you have to blame his bosses too. How could they be so negligent of their responsibilities to allow such things to go on for 8 years without even noticing?

Nov 20, 2012 9:07am EST  --  Report as abuse
Praetorian_ wrote:

Jamvee, the obvious answer is: they knew.

Nov 20, 2012 9:55am EST  --  Report as abuse

This is the problem. The citizenry are forced to use a monopoly currency that is gambled with at so many levels it makes the head spin. And when it all goes bad, the firms can just dedicate a fall guy and keep right on going.

“A swathe of top UBS executives including former Chief Executive Oswald Gruebel, have resigned, been sacked, or sidelined following the scandal, but the bank and its managers strongly denied encouraging traders to break the rules.The bank has since slashed the size of its investment banking business, though the ETFs desk has survived.”

Imagine that, they live to plunder another day. As long as there is a currency monopoly, that currency will be gambled with and manipulated to suit the those at the top as there is no fear of losing the peoples faith in the currencies.

Nov 20, 2012 10:03am EST  --  Report as abuse
Willie12345 wrote:

This guy could be Turbo Tim’s repleacement.

Nov 20, 2012 10:59am EST  --  Report as abuse
DeuceDeuce wrote:

People like this should get life behind bars.

Nov 20, 2012 12:13pm EST  --  Report as abuse
mac1066bill wrote:

I thought Lloyds of London was/is the biggest fraud…

Nov 20, 2012 2:13pm EST  --  Report as abuse

“…hard-working young man who had tried too hard to do well.”

What’s that old aphorism? The road to hell is paved with good intentions.

Nov 20, 2012 7:24pm EST  --  Report as abuse
Dragonslayer1 wrote:

Jon Corzine walks free while this man goes to trial. Jon “the slime” Corzine happens to be friends with a few congressmen. Amerika … the land of the greed and the home of the slave.

Nov 21, 2012 4:48pm EST  --  Report as abuse
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