Third Time Unlucky for UBS


"The Financial Services Authority announced its latest settlement with Swiss bank UBS for £29.7m. This followed the conviction and imprisonment of UBS rogue trader Kweku Adoboli for fraud. Adoboli had run up losses of $2.3bn, although it is rumoured that at one stage the bank’s exposure was in the region of $12bn."

 
"In the settlement, UBS accepted that it had breached FSA Principles 2 and 3 which focused on inadequate systems and controls at the bank and, in particular, failures to manage risk properly. The fine is the highest imposed for systems and controls failures and the third highest in FSA history."


[VIA]

FDIC closes four banks, taking the total number of failures to seven year to date.

Federal Deposit Insurance Corporation (FDIC) announced the closure of four banks, taking the total number of bank failures so far this year to seven.

The banks which failed were;

  • McDonough, Ga.-based Enterprise Banking Community ($95.5 million in deposits as of Sept. 30)
  • Easley, S.C.-based CommunitySouth Bank and Trust ($402.4 million in deposits)
  • Asheville, N.C.-based Bank of Asheville ($188.3 million in deposits)
  • Denver-based United Western Bank ($1.65 billion in deposits)

The FDIC estimates that these four failures will cost the federal deposit-insurance fund $454.9 million.

Read the FDIC press releases