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UBS Rogue Trader Gets 7 Year Sentence
Remember Kweku Adoboli: the 32 year old rogue trader who was solely responsible for UBS' massive $2.3 billion trading loss, and cost the firm's then CEO his job?
- ADOBOLI SENTENCED TO 7 YEARS IN PRISON BY LONDON JUDGE
- JUDGE SAYS ADOBOLI MUST SERVE AT LEAST HALF OF HIS TERM
So the trade off: 3.5 years in exchange for several million in hush money. Where does one sign up?
But at least "justice is served." Another pawn thrown in the slammer as those who "redistribute" the billions in Fed flow each month continue to enjoy 3 martini lunches at Dorsia. In other news, while the Adoboli loss had no impact on UBS capital whatsoever, a far greater existential risk to the once legendary Swiss bank (which is now merely the owner of the largest trading floor paintball field for hire) is that Switzerland is no longer the world's tax haven, resulting to billions in deposits outflows from Switzerland and into Singapore. Too bad nobody can be sued over that.
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where's corzine?
REPEC's 50 best economists in the world: Highlights – Part 2
Coming in at number 37 is Professor Alan B. Krueger
Professor Krueger was appointed as chief economic advisor by President Barack H. Obama on November 7th 2011.
Professor Kruger is best known for his ground breaking paper demonstrating the benefits of wage and price controls. The Princeton professor carried out a comparative analysis of the wages of restaurant employees in New Jersey, where the minimum wage was raised, and Pennsylvania where it was not. After an extensive investigation, Professor Kruger discovered that wages in New Jersey increased, whereas wages in Pennsylvania did not. This ground breaking study lays the foundation for policies that mandate even higher wages for workers and lower prices for consumer goods. Professor Krueger’s paper proves beyond any reasonable doubt, that wage and price controls do work, and his work establishes the groundwork for a golden age of luxuriously high salaries and exceptionally low-priced consumer goods.
F'ing rookie - Jon Corzine
So the trade off: 3.5 years [of ass-busting marriage to the guy with the most cigarettes] in exchange for several million in hush money [that will be extorted out of you by other prisoners and then used to fund your HIV meds because you can't get insurance for a pre-existing condition]. Where does one sign [out]?
Fixed it for ya -- just sayin'....
If I went in today I'd get out when my oldest is a high school senior. The wife would HATE dealing with three teenage boys all alone, but if the money was right...
And, of course, it would need tp be one of those country club, tennis & golf course prisons. No anal penetration for me!
Where do I sign up?
Do u see a pattern here.
First a Sri Lankan hedge fund guy.. now this. I guess they are not part of the White Shoe Boy Club. Madoff, he just pissed off the wrong people.
one, it's not the shoes that need to be white. two, the eleventh commandment doesn't really involve republicans. and bernie broke it.
What a fantastic idea! It's a shame that nobody thought of that before. I look forward to low prices for all.
Weak MBD. By the way, you can "mandate" all you want, the laws of Nature and physics don't give a shit and somehow they always win. I henceforth mandate clean fresh water for everyone, unfortunately if there is none in your area, you are fucked just the same.
Admittedly I did chuckle at you "golden age of luxuriously high salaries and exceptionally low-priced consumer goods" comment, especially since what we have now is the exact opposite.
I remain long black markets, and seem to be seeing some great (tax free) returns.
Its to early in the morning for you MDB I have not had my coffee yet.
The men he's protecting will get him out in 3yrs and he'll be then set for life!
Have to always have a fall guy when your at a high level.
Adoboli lol. Need a miracle buddy?
Small potatos. Or as Dan Quayle would spell it, potatoes.
Hush money that's worthless when he gets out...
Nice Work If You Can Get It
Deport Bernanke.
Free Corzine!!!
Yeah, why arent we freeing the shit out of Corzine?
Fuggettaboutit: Corzine for Treasury Secretary Buy Bonds.
I want Corzine and Madoff to be put in charge of Senators pension funds
Justice is served! Rejoice, slaves!
Compare punitive 'sentences': "Former assistant to U2 bassist sentenced to 7 years for embezzling $3.45 million"
He was convicted because U2 sucks.
It was a message to the band to stop being such dipshits.
Now how about those rogue central banksters?
Plenty of time to write a book, and make plans for his next gig when he gets out of Club Fed.
That depends on the bribe. If the price is right, screw the book & next gig, just work on your golf & tennis because you'll be retired when you get out.
I hear club fed has an excellent golf course.
Apparently the "buck" stops at the bottom. Bullshit, execute the fucking management and watch how fast the blatant fraud stops and the market rallys. I'd be willing to bet he took the fall in exchange for being set for life after serving his "time".
1 down 5000 rogues to go.
Adoboli better know where the bodies are buried, or he'll just rot in jail with no payoff at the end -- if he even makes it out alive.
Anyone in a position like him ought to have a "mail this package to the SEC if I'm ever arrested or found suicided" file to ensure their own survival.
Remember, there is no honor among theives.
"mail this package to the SEC".
That's funny!
Yeah, that's right. Not sure how you have any leverage or dead-man's trigger when the regulators are captured by the criminals. This guy's probably just toast.
If it's not a package of porn videos they won't even bother to open it. The same people paying off Adoboli own the SEC.
Rogue Trader = Plausible Deniability
Better to attempt to plausibly deny the ability to properly supervise. Must be part of the core curriculum at all the leading business and law schools leading to the coveted Masters of Mendacity certification process
Adoboli's wife hates all of us...She says...he used to sleep under his desk and work 16 hours a day...and now this....////sarc....lol
Am very happy a banker went to jail, however short a time, because these are the vermins who brought trouble on all the rest of 99% bankers who work in areas outside of Investment Banking/Trading, the taxpayers and the main street people.
Adoboli deserves this for the risks he took and the damage he caused to the reputation (whatever is left) of the bankers worldwide. But for bringing UBS down on its knees, single handedly, with a loss of USD 2.3bn, without any support of the ratings agencies, deserves some kudos as well!
One would probably get more time for stealing a case of "Twinkies", as they are now considered fine art...
Thank You T!!
I was waiting for the "hush money", payoff, fall guy (lee majors?), etc.
NOT A ICE CREAM CONES CHANCE IN SW FLORIDA HE WALKS AWAY BROKE!
The CEO is free and living the dream.
Great work, if you can get it......
I'm glad they took care of that. They have restored complete faith in the markets now that all the fraudsters have been taken care of.
im pretty sure you dont just sign up
.
you have to promice to sacrifice your firstborn in exchange for guessing someones name
I'd do 3.5 years in a white collar prison for millions no problem. I'd then build a compound in Montana with a golf course and road course.
Typical, throw the negro under the bus. Corzined bitchez.
Probably the back of the bus, to boot.
omg - lolololololol!!
Don't worry. Your CFTC, under Gensler, is working hard to bring the criminals who manipulate the silver market to justice. It may take a few years, or the perpetrators may die from old age, but the CFTC never gives up.
the negro is busted, the market is clean now, this is bullish. just BTFD.
The court records of his team handling him the baton are amusing, if only for the naivety he showed.
"Yep, we're looking at you to take the fall"
ADOBOLI IS INNOCENT!!!
I'm the one you want!
I'm Brian and so's my wife!
http://youtu.be/4SYc_flMnMQ
Yes, Sir. The report says Oswald worked alone and no one checked his work ;-)
It should have been 3.5 years and NO Twinkies for life.
He had better have negotiated the pay out in physical. Because in 3.5 years that will be worth shit.
By the time he gets out of prison his cash stash will have been Corzined like everything else. Just because he thinks he'll pass Go and collect .. silly TBTF trader .. still doesn't fully appreciate what it is he will and will not collect
Indeed. Let’s see, astronaut, fireman, president, rogue trader???
Third grade career decisions ain’t what they used to be.
But, on Wall Street, the choice is clear.
Ahaha
I thought all along those letter’s from Nigerian's seeking a way to transfer millions were a hoax,
but it must not be the case……
These guys all must have got their money via USB or what ever bank they must have ‘rouge traded’ at….and now they must be out of prison and they just need help moving the money,… I see easy street.
Wowo I better get to answering some of those letters…….and let my family in on this secret……….
I wouldn't give up 6 months of my life for 10 million