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Sunday, 18 September 2011

What's $300 Million between friends?

Remember the $2 Billion lost by a 'rogue trader' at UBS. Well on the same day that the boss of the bank, Oswald Gruebel, said he would not resign over the 'incident', the bank also increased the estimated loss to $2.3 Billion.

So you think it's only 15%...which of course it is... and if the bank is so incompetent in the first place then, useless plus 15% does not really make much difference. However, the extra $300 Million is nearly the same amount as the current United Nations appeal to help six million (we're talking people now, not dollars) Pakistanis who have been affected by devastating flooding in their country. This is for aid over the next six months, not the next night out.

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