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IT Could Have Caught $2 Billion Rogue Trader

Posted by timothy on from the hindsight-is-way-better-than-20/20 dept.

superapecommando writes "With the benefit of hindsight, IT experts are claiming that technical countermeasures at Swiss bank UBS could have stopped rogue trader Kweku Adoboli running up a $2 billion loss." If American Express and Visa can mine transaction data and put a stop order on credit cards when you unexpectedly buy gas out of state, it seems like there could be patterns to watch for when the amounts are in the billions, too.

2 of 179 comments (clear)

  1. Blame the bank administration by msobkow · · Score: 5, Insightful

    The blame should be placed squarely on the shoulder's of the bank administrators. There is absolutely NO EXCUSE for not noticing a 2 BILLION DOLLAR LOSS.

    It's not the computers.

    It's not the traders.

    It's not the system.

    It's the BANKS ADMINISTRATION.

    And it's high time that those lazy incompetent greedy bastards were held RESPONSIBLE for their incompetence instead of getting "bonuses."

    --
    I do not fail; I succeed at finding out what does not work.
  2. Re:perhaps, perhaps not by Pinky's+Brain · · Score: 5, Insightful

    We shouldn't shut it down, but we should disallow them to use government guaranteed deposits for it. Deposit banks should not be allowed to use their depositor money for leveraged investments or derivatives.