Confusion as banker arrested for losing vast amount of money

[scooterscot]

Once again the daily mash telling it like it is.

On a serious note, how is it the actions of this one trader any different from the billions lost on bad bets by the bank as a whole? What is this invisible cloak of protection? Is it like that one in harry potter?

Kweku Adoboli, a trader with UBS, was charged earlier today with making incredibly bad decisions in the wrong way.

The loss is the latest blow for the Swiss bank which had to be bailed out in 2008 after it lost billions of pounds as a result of making a series of incredibly bad decisions.

It was one of the biggest casualties of the banking crisis which saw dozens of European and American banks lose billions and billions of pounds in a way that was fantastically legal.

Tom Logan, a graphic designer from Stevenage, said: "But if he's...? Then what about...? Surely...?

"No, sorry, I don't understand."

Margaret Gerving, a retired headmistress from Guildford, added: "From what I understand he's accused of investing some money, losing it and then hoping no-one would find out.
"I'm sure I remember something similar from about three and a half years ago. No, not that poor little French chap.

"Now what was it? I'm sorry I'm getting a bit forgetful. Oh I know what it was, it was the entire Western banking system.

"And this fellow's been arrested, you say? Oh well at least they're finally cracking down.

"Good for them."

[Mich the Tester]

[sasguru]

It's not a surprise it's UBS. It's one of the worst run banks. All started when Marcel Ospel bacame head of Swiss Bank Corporation in the late 90s (I was contractcting there at the time: very lucrative contract, they paid for a flat in Basle and first class plane tickets back to London every weekend, lovely champagne breakfasts on Monday mornings :-).
Then SBS merged with UBC. and the merged bank went from bad worse.
That contract cured me of my previous belief in Swiss efficiency and rectitude.

[NotAllThere]

...That contract cured me of my previous belief in Swiss efficiency and rectitude.

Switzerland has the highest level of executive fraud in the world. It's all that secrecy.

And it's the Germans who are efficient. Not the Swiss. They're farmers.

[SneakySimon]

Trader

I am from Nottingham, the city where the rogue trader did his university course a few years back.

A journalist at the local rag decided to get the scoop on the story. They interviewed his old student landlord. He gave revelations that he was nice chap, bit messy etc. Couldn't believe he would be a rogue trader (though probably didn't realise what a rogue trader was so not surprising!).

It was fascinating.

[Mich the Tester]

Switzerland has the highest level of executive fraud in the world.

Good Plan B. Thanks.