Kweku Adoboli, 31 year old ETF trader held over $2bn rogue trade

they knew about it, but didn't confront him cuz they were afraid he would sue for discrimination, so they crossed their fingers and hoped the position would move back in his favor.

guess they were wrong
 
Quote from peilthetraveler:

Nick Leeson served 3.5 years(of a 6.5 year sentence) for his rogue trades....lets see how much time a black man gets for doing the same crime. :P
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He had nut-cancer? They cut it short due to illness.
 
Quote from Martinghoul:

Firstly, innocent until proven guilty. But if it's true, it's easy to hide stuff, if you come from middle office, which both he and Kerviel did.
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And Leeson.........
 
Quote from atticus:

Kweku was a director on a delta1 ETF desk. These guys have no discretion, so it looks pretty open -> shut case. Obviously is speaks more poorly of UBS' internal controls. HTF do you let a guy spreading ETF against index hide these positions?

I know an MBS director at UBS and she's terrified that they're going to shutter a lot of desks because of this news.
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interesting these things usually come out when volatility is high. Any ideas what the general position was, I would get guess net long.
 
All they have to do is not hire scum.

oops, that reduces the eligible pool to a small puddle.

ou think that could happen at GS? doubt it. they are in the biz of robbing YOU, not themselves.
 
Quote from wilburbear:

At first, I thought he lost it on some ultra-exotic weather and/or energy based contract that was hand-built and hard to price until it finally had to be marked to the real market.

For the bank's sake I hope they are not suggesting he lost it on ETF's. ETF's are beyond simple to track and margin.

Yet, many are now pointing at ETF's as unsuitable investments.
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He went long the FAZ.

z
 
Wow, who'd expect this would be red meat for the not-racists of ET? Apparently a ton of retired folks in Arkansas are furiously masturbating behind their screens at the chance to let loose.
 
Quote from Samsara:

Wow, who'd expect this would be red meat for the not-racists of ET? Apparently a ton of retired folks in Arkansas are furiously masturbating behind their screens at the chance to let loose.
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How's Little Rock this time of year?
 
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