Archive for September 15, 2011

One More Color Barrier Fell Today

September 15, 2011 5 comments

Once upon a time only white men were involved in massive trading frauds. While that situation has changed somewhat over the years, we never had a public example of a large trading fraud by a black guy.

That changed today..

UBS Arrested Trader Kweku Adoboli ‘Worked Hard,’ ‘Played Hard’ Colleague Says

Colleagues at UBS AG called Kweku Adoboli, the trader arrested in connected with a $2 billion loss due to unauthorized trading at the bank, “up and coming” and someone who “worked hard…played quite hard too.” Adoboli, 31, was arrested on Thursday by London police on suspicion of fraud by abuse of position and being held in custody at Bishopsgate police station. A graduate of Nottingham University who was born in Ghana, Adoboli studied computer science in college and went to work at UBS in London in 2006.

His trading activities will likely cause UBS to become unprofitable for the 3rd quarter of this year.

UBS Loss Bolsters Swiss Lawmaker Case for Too-Big-to-Fail Rules

Switzerland’s biggest bank said today it may be unprofitable in the third quarter after the loss from “unauthorized trading” at its investment bank. UBS tumbled as much as 9.6 percent in Swiss trading following the announcement.

Well.. so there you have it- one more color barrier broken forever. A world where a black guy can pull of the same scam as a white guy, with similar consequences (so far) is that much closer to equality.


Categories: Current Affairs, Economy, LOL

The Sad State of Space Exploration

September 15, 2011 3 comments

I had previously posted about NASA recycling 40-50 year old ideas, which were good, and abandoning a lot of its post 70s ‘vision’ and flashy expensive crap. While this new idea is a step in the right direction, does it not imply that political and bureaucratic considerations destroyed the manned US space program over the last 40 years?