NYT - A gambling stock market swinger, Kweku M.
Adoboli, caused Switzerland's largest bank, UBS, to nearly fail because of wild
trades and fictitious accounting. His motivation was "greed and ego" while
piling up billions in hidden losses until arrested and brought to trial in
London recently. Unauthorized speculative trading started in 2008 and existed
for 3 years before questions were asked. His worst exposure for the bank was
$12 billion and the real financial risk stood at $8.1 billion late in September,
2011. A Pete Hahn of the Cass Business School in London says."A fundamental
rethink is underway". Sounds like a good idea!
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