So....no thread on Kweku Adoboli? (UBS trader who lost $2.3 billion)

YBE

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I mean.....god damn :damn:

Dude lost $2.3 billion and fabricated a $8.75 billion hedge to conceal it. Playing with billions of dollars like its monopoly :dwillhuh:



Bloomberg - Adoboli: "Diamond, Dimon's Early Risks Made Them Better"


Kweku Adoboli, the former UBS AG (UBSN) trader jailed over losing $2.3 billion, said financial leaders including JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon and former Barclays Plc (BARC) CEO Bob Diamond were better at making money because of risks taken earlier in their careers.


Adoboli, who was jailed Nov. 20 for causing the largest unauthorized trading loss in British history, said in an e-mail exchange with Bloomberg News that Dimon, Diamond and Yassine Bouhara, the former co-head of global equities at UBS, all lost large amounts of money at some point in their careers.


Former UBS AG trader Kweku Adoboli wrote in an e-mail, “The more senior you are the easier it is to avoid getting slammed to the wall.” Adoboli wrote in a Nov. 14 e-mail. “Funny thing is though, losing money seems to make you better at making money. Perhaps that’s why traders who lose money always get rehired, as long as they still have their risk appetite.”


Judge Brian Keith called Adoboli “profoundly un-self- conscious” of his failings and said he had a “strong streak of the gambler” in him when he sentenced the 32-year-old to seven years in jail for fraud :wtf: :what: He was cleared of four counts of false accounting. Keith said he must serve at least half of the sentence, minus 349 days from the time he spent in Wandsworth prison after his arrest last year, and on curfew before trial.


As he left court on Nov. 13, Adoboli said it wasn’t fair he was being prosecuted, while a trader at Goldman Sachs Group Inc. in the U.S., who concealed an $8.3 billion position, wasn’t prosecuted and was later hired by Morgan Stanley.


Adoboli was accused in his London trial of exceeding his trading limits and hiding the risk by booking fake hedges. He confessed to causing the losses before his arrest in September 2011, saying he risked $5 billion on Standard & Poor’s 500 futures and $3.75 billion in the German futures market.
 

88m3

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What's to be said.


whole situation is a cluster fukk top to bottom
 
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