UBS Goes Rogue: What Else Are Bankers Hiding In Their Drawers?
UBS revealed Thursday that a 31-year old trader for the firm lost $2 billion on unauthorized trades in London. In the supposed new world order of bank regulation and supervision--post Dodd-Frank financial regulation, and beefed up compliance rules from the SEC, NFA and their regulatory counterparts in Europe and Asia--it's inconceivable to me that traders can become 'rogue' for more than a few minutes, let alone overnight, weeks or months.
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