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The loss to UBS was described as "manageable" although it might cause UBS to report a net loss in the following financial quarter. The bank's net earnings for the year ending June 2011 were $6.4 billion [13] with a gross profit of approximately $1.1 billion reported by UBS for the third quarter of 2011.
The Better Business Bureau just released some good news: In 2011, consumers consulted the BBB far more often than they did the year before, and they lodged fewer complaints. Surely that's a sign ...
History is full of bad trades, from the UBS (NYS: UBS) rogue trader that lost $2.3 billion to Long-Term Capital Management's failed arbitrage plays. While Netflix's (NAS: NFLX) badly timed ...
In mid-2011, UBS launched an internal investigation into Adoboli's trades. [4] On 14 September 2011, he wrote an email to his manager admitting the false trades, [ 4 ] [ 6 ] which cost the bank $2 billion (£1.3 billion) and wiped off $4.5 billion (£2.7 billion) from its share price. [ 4 ]
One famous rogue trader is Nick Leeson, whose losses on unauthorized investments in index futures contracts were sufficient to bankrupt his employer Barings Bank in 1995. . Through a combination of poor judgment on his part, increasingly large initial profits, lack of oversight by management, a naïve regulatory environment, and an unforeseen outside event, the Kobe earthquake, Leeson incurred ...
This article has been adapted from our sister site across the pond, Fool U.K . With French banks taking a beating on fears of their exposure to eurozone debt, and the European Central Bank ...
UBS Group AG building in St. Gallen.UBS maintains strict banking secrecy practices which have been used to facilitate tax evasion. The Swiss investment bank and financial services company, UBS Group AG, has been at the center of numerous tax evasion and avoidance investigations undertaken by U.S., French, German, Israeli, and Belgian tax authorities as a consequence of their strict banking ...
With a legacy of more than 100 years, the Better Business Bureau (BBB) is the go-to watchdog for evaluating businesses and charities. The nonprofit organization maintains a massive database of ...