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Banking Giant UBS Loses $2.3 Billion in Unauthorized Trades

HeadlineSep 19, 2011

In economic news, the Swiss banking giant UBS is now saying it lost close to $2.3 billion because of unauthorized trades committed by a single rogue equity trader based in London. On Friday, the UBS employee Kweku Adoboli was charged in London with fraud and false accounting dating back to 2008.

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