Rogue trader arrested in London « Mining Blog

Rogue trader arrested in London

15. September 2011,

Earlier today a “rogue” trader was arrested in London , accused of being connected with a huge scam in authorized trades, which has allegedly cost the UBS bank some $2-billion.

The loss – if confirmed – effectively cancels out the $2-billion that the bank had hoped to save in a cost-cutting program announced last month in which it will axe 3,500 jobs.

According to the Toronto Globe and Mail it “also threatens the future of UBS’s investment bank, which is being reviewed by chief executive officer Oswald Gruebel as part of a wide-ranging restructuring following heavy losses in the credit crisis and a damaging scandal over bankers helping rich U.S. clients dodge taxes.”

It’s not yet known if any of these illegal trade were associated with minerals deals, but UBS’ role in metals trading and mining investment has been significant in recent years:

http://moneytometal.org/index.php/UBS_AG

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