That seems a bit harsh, if his investments had come off he would have been a UBS hero and given an enormous bonus...
[url= http://news.sky.com/story/1013951/ubs-rogue-trader-kweku-adoboli-guilty-of-fraud ]linky[/url]
Did he actually steal money or was it just part of the normal egotism and race for status?
"Senior managers were fully aware of his activities and encouraged him to take risks to make profits for UBS" i.e they gave him enough rope to hang himself. Would they have done the same to a public school educated white English man?
He was quite young if I remember (at least to be handling that kind of money imo), I wonder whether the young guys are the cannon fodder for the older guys? Maybe someone in the industry can fill us in.
Edit: he's 32 sorry, I thought he was early 20s for some reason
His defence was really pretty pathetic - essentially "a big boy made me do it". He was a very[b] highly paid professional and should have been able to act ethically & legally.
The secondary issue is the culture in the company, and as I understand it the sackings went a long way up the management tree. Yes the whole thing is rotten.
Dangerous to take the conspiracy/race/school arguments too far. At the end of the day, he exceed documented trading limits, invented fictitious deals to mask open positions and has now been convicted of fraud. Seems quite clear cut. Now whether he is solely responsible for the whoe debacle is another question!
The defence based on others did it/turned a blind eye is not the most robust even in a kindergarten play ground. How oddly an appropriate analogy that is!!!!
wonder what his sentence is likely to be.
I wonder if they will just base it on the fraud committed, or if they will take into account the size of the risk.
[quote=Kona TC said]That seems a bit harsh, if his [s]investments [/s] gambles had come off he would have been a UBS hero and given an enormous bonus...
😉
Did he post on the classifieds?
7 years. Wow.
Guess they took into account the size of the fraud...