I got to be honest with you I am laughing(LMBO,LMAO,LOL) my ass off today on the latest "trading scandal " involving a UBS European trader at it's Delta One Desk who was arrested (Did someone say 19th Century Debtors Jail?) allegedly for causing $2 billion in losses on unauthorized trades. Now keep in mind Kweku Adoboli was a director and UBS relied upon him to create profits in "EFT'S", in a hot corner of the market. Risky stuff!
So why am I laughing ? Because I like to see big, Swiss banks "take it on the chin"? Of course not(well a little).No , I'm laughing because these greedy international investment banks worship the almighty Dollar, Euro and Yen, give successful traders carte blanche and as soon as there are losses they yell and scream "unauthorized trade ", "unauthorized trade"! Why, because they need a scapegoat...That's why.
So let's call a spade a spade... UBS , things were good while they lasted...They blew up! You knew what you were getting into. Now leave YOUR "disgraced trader " alone..Take it on the chin and move on to the next risky venture.
This is market analyst Steve Goldman signing off.
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