here at ubs's sprawling offices, the alleged trader worked. his colossal losses are likely to tip this giant bank back into loss for the last three-month period. this is a bank that, after the great crash of 2008, claimed it was taking much, much less risk. ubs was among the bank's worst hurt by the last banking crisis -- banks worst hurt by the last banking crisis. what went wrong? >> you can put in technological systems that limit how much people can trade. the problem is that if you employ intelligent people who want to get around these systems, there is a chance they will find a way. that is why what is needed is a moral compass from the top of the organization so people know what is right and what is wrong and they do not even think of doing these things in the first place. >> if it turns out that kweku adoboli is a big-time rogue trader, how would his loss shrank against others? -- loss rank against others? the largest number was from a trader at societe generale. after kerviel was arrested, the british regulator put pressure on banks to

there's a stock in focus today, ubs. this is the swiss investment bank. they reported a loss of around $2 billion. it's blaming that on unauthorized trading. share prices down almost 6% on the back of that very news. traders will have theirize focused on two economic indicators, key ones. mainly the euro zone's con kumar price index, inflation figgs and latest employment figures. we had employment numbers out in the kingdom yesterday showing the amount of people across the uk who are out of work stands above 2.5 million. it will be interesting to see what the message for the euro zone is later on today. given the skittishness among investors right now as we speak, both of those two economic statistics, when they come out, could have more of an impact on the markets, more than usual because we are considerably worried about the situation vis-a-vis greece. >>> let's go back to company news and more on that $2 billion loss at swiss bank ubs. they've discovered a loss by unauthorized trading by a trader in its investment bank. the matter is still being invest

most importantly, ubs stated, "no client money was involved." okay? so if you're with ubs, it wasn't your . it was just laying around, you be. maybe-- maybe in the banks, take a billion-leave a billion trade. and while this rogue trader was doing this from a computer terminal, i am sure ubs protects access to your retirement account with an uncrackable password like ubs pass word. or ubspassword 1. how could something like this happen? i ask the television. >> what could be the motive? maybe intentional fraud. it could be basic stupidity, or it could be known as fast fingers. maybe the trader hit a wrong button. >> stephen: i can sympathize are that. other day i meant to dial 411, but instead i lost $2 billion. ( laughter ) ( applause ) now the good news, it can happen to anybody. the good news is, the good news is they've already arrested the rogue trader, 31-year-old quakeo abdubole, seen here safely contained in a calvin klein ad. folkes, as scared as we all might be for our savings i want to point out the real victim here-- ubs. they've announced

meanwhile, authorities are investigating wind ubs failed to identified the -- why ubs fell to identify the transactions. >> they all wanted to watch him, the alleged road trader who cost ubs bank $2 billion. he wept in court. i am told that the unauthorized transactions were relatively small. which partly explains why ubs did not spot them until wednesday. he also had a close knowledge of administration, having worked in that part of the bank before becoming a trader. >> the gentleman concerned was a 31-year-old with a degree in computer science. >> ubs is one of the great names in world banking, combining relatively low risk banking and high-risk investment banking. but in recent years, it has careered between controversy and crisis. it lost 35 billion pounds in the banking process of 2008 and was rescued by swiss taxpayers. that is why there is pressure for ubs to consider separating its investment-banking business. an investigation was launched to find out how it was a bank of ubs's sophistication should fail to spot the giant risk taken by one of its traders. >> it is very difficul

ubs shares took a dive following the news. this will also eat into their earnings. the bank warns that it could cause a third quarter loss. >> this is a huge issue. it shows that their risk management controls are not there and it shows may be ubs's not one of the only banks that is happening -- that this is happening to. >> this is not the first time this has happened to a major bank. the most spectacular case involved a british trader working in singapore. he made unauthorized trades which cost about 1 billion euros which led to the collapse of the bank. it prompted banks worldwide to tightened internal checks and balances. in 2008, another broke banker caused more damage to the french bank, societe generale. -- another roarouge banker cause more damage. >> it is back to you. >> a fire on a norwegian cruise ship has killed two of the crew members and injured five others. this was in the west of norway. they're clear -- there appear to be an explosion in the engine room. the fire is under control but the ship is taking in water. germany does not treat some men fair

kweku adoboli, who worked at the swiss bank ubs was in custody after the hearing. the financial services authority is investigating why a ubs phillips to identify the transaction. here is our business editor. >> they all wanted a glimpse of kweku adoboli on his way to court. the alleged to trader whose unauthorized transaction cost ubs and 1.3 billion pounds. he wept in court as the charges were read out, fraud, abuse, and charges of false accounting. i am told that the dealings were carried out over many months and were relatively small which explains why ubs did not spot them until wednesday. and he had close knowledge of the administration having worked in that part of the bank before becoming a trader. also -- >> allowing us the authority to run up a loss, the concern is a 31-year-old with a degree emperor -- computer science. anybody without a background, and i would not give them my capital. >> ubs is one of the great names in world banking. combining a low risk to private banking and high-risk investment banking. in recent years, it has gone between controve

he worked at the swiss bank ubs and was remanded to custody after the 30-minute hearing. they're investigating why ubs failed to identify the transaction. >> they all wanted a glimpse of him on his way to the city of london magistrate court. the alleged drug trader whose unauthorized transactions could cost ubs 1.3 billion pounds. the man who was educated in britain wept in court as the charges or read it, fraud by abuse of position and two counts of false accounting. i am told the authorized dealings that were carried out over many months and were relatively small, which partly explains why ubs did not spot them until wednesday. he had a close knowledge of the administration, having worked in that part of the bank before becoming a trader. >> just think of the authority to run up $2 billion. the gentleman was 31 years old with a degree in computer science. i am not sure i would allow anybody with that background, certainly not $2 billion of capital. >> ubs is one of the great names in world banking, combining relatively low risk private banking at higher risk investment

after ubs uncovered the loss, he was arrested. and at 1:00 a.m. this morning this city of london police were contract by ubs over an allegation of fraud by one of its employees. detectives arrested a 31-year- old man on suspicion of fraud and abuse of position. sprawling offices in london is where the elected wrote a trader worked. his colossal office -- losses, likely to tip the giant bank into a loss for the three-month period. but it is not the money, but the embarrassment likely to approve most painful because this is a bank after the great crash in 2008 claims it was taking much, much less risk. ubs was among the banks were spurred by the crisis, losses of more than 35 billion pounds. they'll out of the swiss government, it changed management and the way it does business. what went wrong? >> you can put in these technological systems that limit how much people can trade, but in the end, the problem is, if you are implying intelligent people and they want to get out around the systems, there is a chance they will get defined away. what is need

ubs shares in switzerland started the day down but currently up 1%. sergio armotti is the new interim ceo after gruble resigned on saturday over a massive rogue trading scandal. >>> boeing has finally delivered the first of its 787 dreamliners to all nippon airways after three years of delays. public ceremonies will be held today and the aircraft will enter service next month. >>> now, stock markets around the world are still reeling from u.s. treasury secretary timothy geithner's comments over the weekend. at an imf meeting in washington he said europe's sovereign crisis is the most serious issue facing the global economy but he reiterated the united states' interest in lending europe a hand. >> europe is facing -- and i should say before you talk about europe, you know, it's worth noting that we have a huge direct stake in europe resolving this. not just through the dollar funding the feds providing them and through the imf, but of course we have a huge strategic interest, too, because we don't want to see europe weakened by a protracted financial c

he was a senior trader in the london office of the swiss bank ubs. he was arrested at his desk in the early hours of yesterday. it is alleged that he abused his position which caused losses to the bank. his family home is in gone up. his father said that the family was heartbroken. -- his family home is in ghana. whatever his motives and the details of the transactions, the big questions asked are why were the senior management not aware. >> it is not incredible in the sense that it will be very hard to regulate any of the sort of actions happening. it is a very difficult to believe that it just happened now and there is a lot of attention on better enforcement and regulation. >> it is not clear what kind of deals that kweku adoboli was carrying out. his job involved complex and potentially risky trading. there is a technique called hedging of trades. the first transaction might be putting money on a market move going up. a second transaction puts money on the second outcome, a market drop. it goes wrong when the balancing that is not big enough and

>> ubs hasn't given any more details.ng and a few hours later ubs made that announce lt. we have yet to hear from ubs officially on the name of the trader, who that trader might be or how these losses were effectively caused. >> christine and i were talking about this earlier, if we characterize them as rogue trades, that's different from unauthorized. it could be unauthorized and a mistake or something like that. they're talking about $2 billion in losses. >> well, that's just it. we don't know exactly how it happened at this point. we're still waiting for ubs. they say they're investigating. but, obviously, a big dent in their confidence. remember, they were really just starting to recover after they get bailed out by the swiss government. >> thank you, atika. we've seen the big cases before, a little bad trade and trying to cover it up. sometimes we've seen cases where it's been a mistake that someone has tried to cover up and it just snowballs. >> we are in such a different world now. atika talked about confidence. yo

ubs was bailed out at the height of the crisis. had to raise 4 billion as a result of losses linked to the credit crunch. >>> if you want to read more about the huge loss at ubs, what caused it and what it could mean in terms of big changes in the way the bank operates, i've been blogging about that subject online. you can find it at cnn.com/biz360. logon and let us know what you think. >> do check out the blogs. they're fascinating. this is "world business today." stock prices moved up on that word that central banks will make dollars available. what does the liquidity plan boil down to in the long term? we'll find out. that's just ahead. in a matter . hi. hi. you know i can save you 15% today if you open up a charge card account with us. you just read my mind. [ male announcer ] just one little piece of information and they can open bogus accounts, stealing your credit, your money, and ruining your reputation. that's why you need lifelock. lifelock is the leader in identity theft protection. relentlessly protecting your personal

adoboli was a director of exchange traded funds at ubs.s he sold a controversial investment product that has the bank of england worried. >> regulators can only do so much. if it's impossible for the management of a bank like ubs to know what is going on, what is being done or done wrong on the trading floor, there is no way that the regulators are ever going to be able to keep tabs on that. >> reporter: the headlines generated by this rogue trading will increase pressure to make sure other banks keep their investment arms and their retail banking sectors separate. >> sreenivasan: in 2008, ubs received a $60 billion bailout from the swiss government to recover from the financial crisis. rebels in libya stormed the birth city of moammar qaddafi today. the assault on the city of sirte came after weeks of waiting. opposition forces had said they wanted a peaceful hand-over of the city. instead, the national transition council said rebel forces pushed in from all sides today and came under heavy fire. in pakistan, a suicide bomber killed 31 pe

and ubs is a big name firm. >> you would expect when you go to a big broker, you will be dealing withody who knows what they're doing. >> reporter: and this is where this man worked for years. his clients trusted him with millions, believing he would invest wisely and honestly, securing them in their golden years. instead, prosecutors say kobayashi flat out stole their money. >> we know there's a lot of taking money from peter to pay paul. >> reporter: jeffreyel fdman is an attorney representing many of the victims. >> he was stealing money and it just wasn't caught. >> reporter: but he finally did get caught and in a plea agreement back in june, he pleaded guilty to money laundering and wire fraud charges. but until he's sentenced tomorrow, he's living at his parent's home, free to come and go as he pleases. we tried to talk to him as he was putting bags in a white mercedes. he was in no mood to talk to us, leaving the trunk open and rushing into his garage without commenting. we did talk to his mother off camera who says her entire family is devastated. court documents outline kobay

ubs is saying it was unauthorized trades.ades that may cause it to take a loss. $2 billion is the hole here. we have kind of a long history of the quote unquote rogue traders, right? you would think these big massive financial companies that one person wouldn't be able to move that much money around and not get caught. we have seen it before. $6 billion in unauthorized trading. a guy who tried to corner the copper market at a corporation. it cost more than $2.5 billion. in the '90s, a singapore based trader who took down the entire barings bank. there are a lot of safeguards that have been put in place since then. the whole rogue trader philosophy, whether it's a mistake that spirals out of control or if it's on purpose. we don't know if it was a wrong button that was pushed. $2 billion. we'll continue to talk about this story. >> we'll keep talking about it. thanks. >>> the fears of a default triggering a recession are making headlines as well. we talked a little bit about it with christine, max, it's hitting the headlines.

your complete forecast is coming up. ,,,,,,,,,,,,,,,, >>> a rogue trader could cost ubs $2 million. ubs said it's still under investigation but no customer money is suspect. >>> the father of long mission alabama teenager natalee holloway is asking the court to declare her dead. she was last seen during a graduation trip in 2005 to aruba. the suspect, joran van der sloot has never been charged but is awaiting murder trial on the death of another woman in south america. >>> the woman accused of killing her stepdaughter could be sentenced to 18 years in prison. the girl was later found in a nearby creek. >>> human remains are discovered in the desert. the remains are certainly human but they can't confirm they belong to susan powell. powell has been missing from her home since december of 2009. the remains were found in a spot where her husband was camping with his son. >>> an i believe fame must -- an infamous couple is claiming the headlines again. tareq salahi has reported his wife mike keel missing -- michael missing. take another live look outside. is there rain on the way? the f

a ubs trader made unauthorized trades that will cost ubs $2 billion for the entire quarter.huge hit to the bank. they are falling 11% at this point. these are shares traded here in the u.s. what could be the motive? may be intentional fraud or basic stupidity or fat fingers. maybe the trader hit a wrong button. fredricka? >> is there precedence on it? >> there is. jerome was a trader. now he's serving jail time on fraud charges. he cost that bank $6 billion. one analyst who talked to cnn international said checks and balances aren't always in place in these situations. here is what he had to say. >> proprietary traders get accounts themselves in the billions. it's not a huge amount of money for an individual trader. it is for us. the issue here is time. if you want to validate a transaction, somebody has to look over it. this is an industry that measures time in a fraction of a second. if it takes too long, you don't make money. >> this is costs ubs $2 billion. this is europe's biggest bank. it's already been hit hard by the economic crisis. this couldn't have come at a wors

. >>> news from the swiss banking giant ubs. that lender has raised the tally of its loss on unauthorized trading to $2.3 billion. $300 billion more than it first reported. the shares are currently trading at just over ten swiss francs down 2 poi 3 of a percent since friday. i suppose that's kind of credible manesha. >> the news from that figure is definitely making people gloomy. i'll get to that otherwise the markets in asia falling this session by the close. investors disappointed on apparent failure to draw a line under greece's debt disaster and talk about that later in the show. the euro has fallen against other major currencies. the tokyo stock exchange was closed because of a public holiday. we always get direction from there. the other indices finished. people aren't likes that. there are people paying close attention to what happened in terms of that risk failure and people looking at home prices in china and those for august and what it meant for the market. there are big fears again that are resurfacing about inflati

the swiss bank ubs.y earlier announced it as unauthorized trading by one of the the employees. ubs is switzerland's largest bank. it says because of this rogue trade it may have to report a loss for the entire 3rd quarter. on the stock market, shares of ubs plummeted by 9% today. >>> another lawsuit has been filed against amtrak in the deadly crash with a truck in nevada. the train was heading from chicago to san francisco this summer when a semi truck collided with it killing six. now an amtrak waitress and cook are suing the railcarrier for negligence. they say a locked door leading to a baggage car slowed down their escape. the door was locked under some new company rules. >>> when fleet week starts next month on san francisco bay one aircraft carrier likely to get attention. last may the uss carl vinson carried the body of osama bin laden to the middle. indian ocean burying him at sea. big crowds are expected they the ship anchors in san francisco on october 6. it is not equipped to handle tours, tho

it has prompted calls for ubs to split off the investment bank from the wealth management business. > thanks. turkey's president abdullah gul went ahead with a talked out of berlin university this evening after police had temporarily evacuate the bay area because of a bomb threat. the turkish president is in germany for a three day state visit centered on improving bilateral ties. he is looking for support on its bid to join the eu any began meeting -- the business with meeting with german and vice president. >> all smiles on the steps of the presidential palace. but in their meeting, the two leaders addressed some issues that have strained relations. president gul was to get german backing for turkey's bid to join the eu as a full member. nothing less will do. >> we must make the best of opportunities to wrap up negotiations. turkey will not deviate from its goal of attaining full membership. >> gul criticized recent legislation requiring turkish citizen to pass a german test before joining their spouses in germany but wulf term -- stood firm. i strongly defended the german position.

a trader at ubs, the united bank of switzerland is under arrest. lost about $2 billion in unauthorized trades. ubs noticed the giant loss in the last 24 hours. that's big of them. and immediately began an investigation. their stock tumbled almost 10% in swiss trading following the announcement and this could put ubs in the red for the third quarter. today, by the way, is the third anniversary of lehman brothers' historic collapse. >> meanwhile, the faa facing another partial shutdown tomorrow when the funding expires. the stop gap bill to keep 80,000 faa employees and those airport construction workers on the job now hung up in the u.s. senate. the main problem with the transportation bill, a provision that requires states to spend money on bike paths and walkways. republican senator tom coburn wants that part thrown out. >> well, check out this newly released video of a houdini like escape that took place in michigan over the summer. check it out as the suspect slides off his handcuffs using his mouth. >> huh? >> i'm waiting for that. the man then

ubs says it lost $2.3 billion after an alleged rogue trader made fraudulent advances. the ceo of ubs has dismissed calls for his resignation over the scandal. >>> survival of the fittest, while the spotted owl's biggest threat may not be humans but a close relative. >>> and the winner is, the emmy's took place tonight. see what shows and actors took home awards. >>> it is among the most publicized endangered species here in california. the spotted owl. after millions of the dollars and years of trying to save the bird from humans, a new threat is arriving. now from its own kind. ktvu's tory campbell tells us now that guns may be part of the solution in our special report. >> reporter: they survive in port by not being seen. who would have thought a closed backwoods cousin with keen eyes would suddenly become the spotted owl's latest threat. here on the grounds of the pacific coast, environmental activists have been trying to save the spotted owl from man's destruction of the ancient groves. but now a new competitor may be pushing out the spotted owl. the bard owl, foll

we certainly know what the effect is to the bank, ubs. it is bad.to make a loss in this quarter. but this bank, like all banks have been suffering lately, it's manageable. it's nasty. it's like having a black eye and a broken leg. you really don't want to have had that happen to you. but the fact is, they're going to be able to take their knocks and lumps. it is not, let me clear this again, it is not going to bring down the bank like it did in 1995 with bearings. that is not going to happen. >> still, a black eye and broken leg is painful. richard quest, thanks for staying up in london for us. thank you so much. >>> now, interesting, this is happening. rapid fire. beginning in california, california father charged with felony child abuse after allegedly throwing his son over board into a busy harbor. he was accused of repeatedly slapping his seven-year-old son on the face before throwing him off the boat in newport beach harbor. he faces up to six years in prison. if convicted, the father says he was playing around with his son and admits to being

ubs is going to be reporting a $2.3 billion third quarter loss.te was at $2 billion. it is being called one of the biggest trading frauds ever. there was a plea, ubs -- by the way, doing its own internal investigation into what it calls fictitious trade. >> i want you to stick around because you first reported on the ubs fraud case last week. we know the story. nobody's laughing about it. but stephen colbert did have some fun with your report. >> of course he did. >> just take a listen. >> i want to address those of you who are concerned because swiss financial giant ubs reported yesterday that they lost over $2 billion from rogue trades. how could something like this happen? i asked the television. >> analysts say what could be the motive? it may be intentional fraud. it could be basic stupidity or it could be known as fat fingers, maybe the trader hit a wrong button. >> i can thirm thiz with that. the other day i meant to dial 411 but instead i lost $2 billion. >> he didn't directly make fun of me. >> but you got to have a comeback. you got to g

ubs says it lost $2.3 billion after an alleged rogue trader made fraudulent advances. the ceo of ubs has dismissed calls for his resignation over the scandal. >>> survival of the fittest, while the spotted owl's biggest can lulu have some beef pasta, too? -here you go, lulu. -hey?! you had an imaginary friend once, too. she's full. [ female announcer ] hamburger helper beef pasta. helpers. forty dishes, all delicious. gives us the most nutritious of gifts. but only when they are ready to be given. that's why we pick vegetables at their peak. ...and freeze them fast, locking in nutrients ...for you to unwrap. ♪ ho, ho, ho. green giant ♪ over the river and down the road ♪ [ female announcer ] nature valley granola bars, where toasted oats, with rich dark chocolate, or sweet honey come together in the most perfect combinations. ♪ yeah, i was just thinking ♪ i hope this will never end sweet & salty nut bars... they're made from whole roasted nuts and dipped in creamy peanut butter, making your craving for a sweet & salty bar irresistible, by nature valley. >>> it is among

ubs in walnut creek is headed to prison for steals millions of the dollars.enced steven kobiashi to time behind bars for stealing money. prosecutors say kobayashi spent the money or gambling, drinking, cars and prostitutes. >> santa clara police are warning people about a series of bike deaths. police say they have received numerous reports of stolen bikes from residential areas. the bikes are usually taken from apartment balconies and patios. police are reminding people to lock their bikes and hide them from public view. >>> there was cause for celebration today in one bay area school district. the state of california handed full control back to the emery school unified district. district officials presented an $867,000 check to state superintendent tom torleckson it represented the final payment on a state loan the district received back in 2001. >>> well a warm up in our weather. when to expect it and little returns in six minutes to tell us. plus-- >>> san jose's lake cunningham park is the biggest skate park in california but is it popular enough and can

ubs in walnut creek is headed to prison for steals millions of the dollars.ntenced steven kobiashi to time behind bars for stealing money. prosecutors say kobayashi spent the money or gambling, drinking, cars and prostitutes. >> santa clara police are warning people about a series of bike deaths. police say they have received numerous reports of stolen bikes from residential areas. the bikes are usually taken from apartment balconies and patios. police are reminding people to lock their bikes and hide them from public view. >>> there was cause for celebration today in one bay area school district. the state of california handed full control back to the emery school unified district. district officials presented an $867,000 check to state superintendent tom torleckson it represented the final payment on a state loan the district received back in 2001. >>> well a warm up in our weather. when to expect it and little returns in six minutes to tell us. plus-- >>> san jose's lake cunningham park is the biggest skate park in california but is it popular enough and c

hm,;i iabq; úb&'w8 %w +p2kj!g 0o-exz confidence across the mainstream.e brought together, have inclusiveness, and a positive vision. so far, youpñ?ñ? know, we have republicans apologizing for saying that others lack a heart, we have republicans who are cheering at, you know, about what gay should or shouldn't be able to do -- >> sean: i disagree with that interpretation. >> i know you do. >> sean: it came with a question, not theñzán ]+ gunykÑeú o/w-:- súac)g2jx% axelrod said this would be a titanic struggle. they can't run on are you better off four years ago, so we'll use class war far attack the tea party as racist and extreme. can that >> in the end, i don't think it woquer is a difficultn in their heart i don't think they believe that it's a struggle. i think they're competent in their ideological viewpoint. to a great extent, they don't really care about the criticism because they believe in the end their base is going to come home. >>zgç zu$zñd..4h(ov/f ap >> sean: come home or not show up. >> that's why they're hoping that obama care goes to the

>> london police have charged a ubs bank trader with fraud.e unauthorized deals didn't enter a plea. the swiss bank has put its losses in connection with the case at around $2 billion. the credit rating agency, moody's, says it's considering a downgrade of ubs. this comes at a time of turmoil in the european markets. >>> and united nations is granted more to libya's government. the general assembly voted to approve the national transitional counsel at official representative. >>> and pakistan's prime minister has canceled advertihi to the u.s. due to floods that have killed thousands of people. he was scheduled to address the general assembly in new york. pakistan's foreign minister will travel to the u.s. in his place. at least 5.7 million pakistanis have been affected by the flooding. >>> and president obama has signed a bill overhauling the u.s. patents system. the bill creates a first to file system instead of the first to invent approach. also provides better funding for patent approval. currently, there's a 700,000 backlog and three-year

so far ubs is not commenting ong the arrest. >>> action on the football field.nfl on the losing end when it comes to security? we'll tackle that question after this quick break. >>> has pro football become too violent? there's been a lot of talk about the issue. new rules are in effect about injuries to players. some say the real violence is in the stands, not on the field. last sunday at a jets/cowboys game got into a fight and zapped a guy with an illegal taser. and a huge brawl erupt at a 49ers/raiders preseason game last month. in two other incidents at that game a fan was knocked unconscious in a stadium bathroom and after the game two men were shot and wounded. the nfl says it's in control of things. a league spokesman says, quote, we will continue to be vigilant in protecting our fans. aol fan house clom nist writes, david whitely, says nfl security is broken, calls on the league to stop wasting their time with pity patty pat-downs or get serious about security. i i'd prefer the latter. joining me is will alec frasier, the president of turn irproperties a

swiss bank ubs plunged 10% after news that a rogue trader racked up $2 billion in unauthorized trades. a 31-year-old man has been arrested on suspicion of fraud. after the bell dismal quarterly earnings, r.i.m. is down 50% for the year. netflix tumbled 19% after predicting its summer price hike will cost it a total of 1 million customers. >>> the irs raked in $500 million from 12,000 tax cheats who came clean under the amnesty program. >>> finally, the free ride could be over for a new theme park in china that has a live angry bird attraction. they failed to license the ride with the game's creators. >>> lsu rolls, the red sox wilt and home improvement courtesy of josh hamilton. >>> plus, a panda on the loose causes havoc in colorado. your early morning sports headlines are straight ahead. >>> and we've got a major cooldown? the northeast but it's still hot in the southwest. your forecast is coming up. you're watching "early today." >>> good morning. if you're just waking up, this is "early today." in sports, knocked out of first place by the dreaded yankees now the fading boston red

ubs is a major sponsor of that event.he ceo has used this opportunity to express his disappointment with the latest trading scandal which has cost the bank $2.3 billion. and said he would, quote, bear the consequences. meanwhile, shareholders are putting pressure on the bank to make changes in its investment business to limit unnecessary risk. one of those shareholders includes the bank's biggest investor, government of singapore investment corp. >>> and three companies will testify alongside google when it faces an antitrust hearing in washington. that's happening later on wednesday. former ceo eric schmidt will represent going the at that inquiry. the hearing will examine whether google has abused its dominant position on the internet. yelp and expedia says the search giant gives preferential treatment to its own products online and buries the search results of rival companies. google, for its part, is denying that it profits by punishing other search engines. it now controls around two-thirds of the global search marke

futures were on the positive side despite the consumer prices been on the rise and did we are watching ubs stock is down to & that one other traders did on authorizing trades and lost $2 billion did and we hope that the winning trend continues dow futures were up at 58 points at the opening bell will the board of regents will meet today that plan could double u.s. see tuitions with will increase when >> it will take place at 8:30 a.m. police officers are already here he asked of how many protesters would be here record they are doing worse case scenario and they're covering the front and back people are not happy with less and when take all look of your screen this is what parents are facing out there with their and oppose this at 8:30 a.m. they're gonna raise tuition as much as 16% you are looking at $22,000 for tuition in 2015 and that does not include room and board. that is three times more than students paid 10 years ago whe. we held a protest will be peaceful and. when students are being tapped because the state is going to have a to 0.5 it billion dollars shortfall >> on our faceboo

ubs is reporting that a 31 year-old employee made unauthorized trades and is now under arrest in london. the $2 billion loss is equal to the amount of money the company hoped to say when it announced layoffs of 3005 other people laid off last month. ubs is now saying they could report a loss for the entire third quarter. >> the university of california board of regents will be discussing a budget plan for the next five years for the school season. that could nearly double uc tuition over the next five years. undergrads are now paying over $12,000 in tuition. that does not include room and board and campus fees. they plan to raise tuition as much as 16% over the next five years of the state does not boost funding. for california residents tuition would top 22,000 a year by the 2015- 2016 academic school year. there is a protest planned today. >> we have big news for the san francisco giants. the franchise is going to hold a big press conference to announce that ceo bill neukom is out. they say that newcomb is going to step down in december of this year. he has been ceo since 2008. he wil

ubs says no client money was involved but stock plummeted today. >>> the 31-year-old trader is underin london. a new report shows banks are taking quicker action against homeowners falling behind on mortgage payments, the number of homes receiving foreclosure notice went up 33%. nearly 80,000 properties received first time default notices and a sign that they have worked through the system errors over the past six months. >>> david cameron and nicholas sarkozy are in tripoli meeting with the new libyan government. the leaders were the first to visit the country since the official toppling of moammar gadhafi's regime. earlier cameron said loyalists still fighting for gadhafi should give up. >>> the post master general outlined changes to the way our mail will be delivered and could mean 35,000 fewer jobs. tom costello has the details. we've heard plenty of post master generals make these threats before and somehow at the end of the day, congress stops the u.s. postal service from trying to make reforms like this. >> yeah, i think this may be the witching hour, though. on these particu

that raised a lot of questiones about what kind of risk management is happening at ubs?eginning right at the top. the former ceo said, you know what, he feels it's his duty to assume responsibility for this. so he stepped down. this is coming just two weeks after 31-year-old trader was charged in london with fraud, false accounting as well for allegedly making rogue trades. those trades aren't the sole reason, brooke, that ubs is expected to post a loss in the third quarter. obviously shareholders, none too happy about that. brooke? >> let's remind everyone on authorized trades totaling $2.3 billion. >> exactly. >> can we put a punctuation now? is the scandal over or might more people lose their jobs? >> it will be dot, dot, dot. because this is not the last of it. several vocal shareholders want more done. there are some shareholders who are calling for more changes at the top or even scaling back the size of switzerland's biggest bank. one possible idea floated, down sizing the investment banking side of the business, get out 6 making these risky bets to make a more st