Kweku Adoboli, the so-called "UBS Rogue Trader ", was convicted of fraud over the huge trading loss at UBS by a London jury . Shame on you jurors . Either defense counsel didn't do its job or you just didn't get it . UBS, like all big banks is greedy. They don't care about anything but $. They watch every nickel like it's the last coin on earth. They "eat their young" like male rabbits !
So for anyone on this planet (who wasn't dropped from an alien spacecraft yesterday) to believe UBS wasn't on-board for the "good and bad" resulting from Adoboli's trades is beyond funny ! Whether his trades and positions were expressly or impliedly authorized is of little significance. UBS was in for the ride...This ride just happened to crash and burn. Oh well.
Since he's convicted, then you might as well convict all his bosses at UBS, plus the Executive Board. Show some cojones! But no, easier to have a single trader as a scapegoat, taking the ultimate fall. Hey, the moral of the story. "If you play with fire, sometimes you do get burned".
Good luck on the appeal.
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