So a city trader who lost £1.4billion of Swiss bank UBS's money has been jailed for 7 years after being found guilty of two counts of fraud. It is the biggest case of fraud in history in the UK.
How did he do it? There was no sophisticated plan or financial magic…… he simply bypassed the rules that were put in place but not policed effectively. Kweku Adoboli was literally just a couple of trades away from losing the bank £7.5 billion.
But there is a much bigger issue......some alarming points for you:
1. This occurred in London under the scope of our own regulatory regime (or lack of).
2. This occurred 3 years AFTER the banking sector issues had been publicised and greater banking sector policing was promised.
3. The fraud was only unearthed by accident.
Dare I suggest the current Government’s regulatory policy for the banking sector might not be up to scratch still?
I rest my case your honour.
Shameful
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