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UBS Rogue Trader Loses $2 Billion In Unauthorized Trades
PolygamousRanchKid writes with this snippet from Reuters that sounds like a ready-made movie script: "Switzerland's UBS said on Thursday it had discovered unauthorized trading by a trader in its investment bank had caused a loss of some $2 billion. 'The matter is still being investigated, but UBS's current estimate of the loss on the trades is in the range of $2 billion,' the bank said in a brief statement just before the stock market opened." Asks the RanchKid: "I wonder how this will reopen the debate about the role of computer systems in the trading and the safeguards that are supposed to protect against these risks. But if microseconds mean millions in trading ... who has time for checks?"
At a competitor? Hell, this man is CEO material. You can't let assets like that get away.
"I use a Mac because I'm just better than you are."
Was this USB 2.0 or 3.0? I wouldn't think 2.0 would be fast enough to lose this much money this quickly.
I feel sorry for people that don't drink, because when they get up in the morning, that's as good as they're gonna feel
I hear UBS is going to go to 100% bitcoin. A spokesman said, "basically there aren't enough computers on the planet to handle a billion bitcoin transactions per hour, so it will be days before the money is actually transferred. This gives us time to roll back anything, plus we can get interest on the float while we wait for the transaction to close."
Bitcoin, is there any problem it can't make better?
Some drink at the fountain of knowledge. Others just gargle.
No offense but a successful career in a high-stakes environment like the military is no preparation for being a complete waste to society and eventually losing $2B on top of it all... For that you need a business degree.