Financial justice...
This is a thought, but i just wanted to make it.
As you probably all know by now... Yesterday, police in London arrested the 31-year-old Adoboli on suspicion of fraud by abuse of position. UBS told investors less than five hours later that “unauthorized trading by a trader” it didn’t identify caused a $2 billion loss.
Two thing come to mind.
1) If this unauthorized trading had resulted in a $2 billion profit do you think it would have been labeled as "unauthorized"?
2) Central banks in Europe and in the US have already thrown away trillions (not billions) of dollars to bail out banks that have made bad loans, bought PIIGS bonds that went down the toilet and so forth.
If there is some kind of justice in the financial world, I think that Kweku Adoboli should be "bailed out" ! Don't you think ?
-Umesh Shanmugam
As you probably all know by now... Yesterday, police in London arrested the 31-year-old Adoboli on suspicion of fraud by abuse of position. UBS told investors less than five hours later that “unauthorized trading by a trader” it didn’t identify caused a $2 billion loss.
Two thing come to mind.
1) If this unauthorized trading had resulted in a $2 billion profit do you think it would have been labeled as "unauthorized"?
2) Central banks in Europe and in the US have already thrown away trillions (not billions) of dollars to bail out banks that have made bad loans, bought PIIGS bonds that went down the toilet and so forth.
If there is some kind of justice in the financial world, I think that Kweku Adoboli should be "bailed out" ! Don't you think ?
-Umesh Shanmugam
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