Former UBS trader Kweku Adoboli went on trial today for allegedly losing $2.3 billion in rogue trades.
The prosecution was not kind to the 32-year-old banker, according to the Telegraph. Here’s what they said:
“Mr Adoboli’s motive was to increase his bonus, his status, his job prospects and his ego.
“Like most gamblers, he believed he had the magic touch. Like most gamblers, when he lost, he caused chaos and disaster to himself and all of those around him.”
Speaking of that chaos. The FT has a copy of the e-mail that Adoboli sent at this time last year to explain his trades. He was being question by one of the accountants in UBS London’s back office.
Here’s an excerpt:
In order to try and make the money back I flipped the trade long through the rally. Although I had a couple of opportunities to unwind the long trade for negligible loss, I did not move quickly enough for the market weakness on the back of the first back macro data and then an escalation eurozone crisis cost me the losses you will see when the ETF bookings are cancelled. The aim had been to try and make the money back before the September expiry date came through but I clearly failed.
These are still live trades on the book that will need to be unwound..
I have now left the office for the sake of discretion….
I take responsibility for my actions and the shit storm that will now ensue. I am deeply sorry to have left this mess for everyone and to have put my bank and my colleagues at risk.
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