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.