7:52am

Thu September 15, 2011
Business

Rogue Trader Leaves UBS With $2 Billion Loss

Swiss banking giant UBS is struggling to restore its reputation after heavy subprime losses during the financial crisis and an embarrassing U.S. tax evasion case.
Fabrice Coffrini AFP/Getty Images

Swiss banking giant UBS said Thursday that one of its traders lost an estimated $2 billion through unauthorized transactions, which could result in a loss for its entire third quarter.

Police in London's financial district said they have arrested a 31-year-old man in connection with the massive loss. He was arrested at 3:30 a.m. on suspicion of abusing his position to commit fraud.

The unidentified trader reportedly worked in UBS's London equities division.

Shares of UBS sank on the Zurich exchange Thursday, at one point plummeting more than 8 percent.

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7:25am

Thu September 15, 2011
The Two-Way

Swiss Bank UBS Says Rogue Trader Caused $2 Billion Loss

Oli Scarff Getty Images

"Unauthorized trading" by one of its traders has led to a loss "in the range of $2 billion," Swiss banking giant UBS announced this morning.

He reportedly worked in the bank's London equities division, Larry Miller reports for NPR, and was arrested by authorities there early today "on suspicion of using his position to commit fraud."

According to UBS, none of its clients were affected by the loss.

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7:16am

Thu September 15, 2011
Around the Nation

Maryland Football Uniforms Are Vibrant On Purpose

When the University of Maryland debuted the new uniforms earlier this month, a lot of people didn't like them. The school's athletic director says he intended for you to notice. Many schools create new uniforms in search of a hip image, grabbing the attention of prospective football recruits.

7:10am

Thu September 15, 2011
Business

This Phone Has No Apps But It's Made Of Gold

A Danish phone company just released a mobile phone made of pure gold. It's priced around $60,000. The target market: Russia. Reuters reports the phones have no apps, no camera and no calendar.

7:00am

Thu September 15, 2011
You Must Read This

Our Basest Desires: The Cruel Chaos Of Revolution

promo

In 1985, when I was in the midst of a 12-year struggle to write my first novel, I had the good fortune to be invited to the Edna St. Vincent Millay Colony in Austerlitz, N.Y., for a monthlong residency. There, in the colony's curved-roof barn, I happened to pick up a paperback copy of Robert Stone's 1981 novel, A Flag for Sunrise.

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4:38am

Thu September 15, 2011
Education

Md. Teachers Must Promote Environmental Literacy

The start of a new school year in Maryland brings a new requirement: All schools in the state must develop plans to promote environmental literacy. The new requirement is creating some challenges for teachers. The goal is to integrate environmental concerns into science, social studies and other topics.

4:00am

Thu September 15, 2011
Business

Business News

Steve Inskeep has business news.

4:00am

Thu September 15, 2011
Economy

Rate Of Homeless Female Vets Rises Near Fort Bragg

Originally published on Thu September 15, 2011 6:54 am

Transcript

DAVID GREENE, host: More than 200,000 women have served in the wars in Iraq and Afghanistan. While their numbers are small compared to their male counterparts, many women veterans are facing the same problems finding employment and affordable housing. In Fayetteville, North Carolina, home to the Army's Fort Bragg, the number of homeless female veterans is rising rapidly. Jessica Jones of North Carolina Public Radio reports that many of them are young women with children.

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4:00am

Thu September 15, 2011
Europe

Does The Eurzone Still Make Sense?

David Greene talks to Josef Joffe, editor of the German newspaper "Die Zeit," about whether there are still benefits to the countries that use the euro.

4:00am

Thu September 15, 2011
Europe

Eurozone Crisis Threatens To Destroy European Union

Originally published on Thu September 15, 2011 6:32 am

Transcript

DAVID GREENE, host: It's MORNING EDITION from NPR News. Good morning. I'm David Greene.

STEVE INSKEEP, host: And I'm Steve Inskeep. Pressure is growing on European leaders to do something they've made it really, really plain they hate to do.

GREENE: For all the billions they've committed to propping up the Greek economy, it may still not be enough, and Greece's trouble has led to questions about Italy and even France.

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