Home > Current Affairs, Economy, LOL > One More Color Barrier Fell Today

One More Color Barrier Fell Today

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.

Comments?

Categories: Current Affairs, Economy, LOL
  1. bezymensky
    September 15, 2011 at 8:53 pm

    Not true. See Joseph Jett:

    http://en.wikipedia.org/wiki/Joseph_Jett

    Of course, Joseph Jett exploited a bug in the pricing system, and didn’t manage to conceal this much losses.

  2. September 15, 2011 at 10:35 pm

    diablo, you should become a white collar criminal…..

  3. demirogue
    September 16, 2011 at 5:14 am

    The color of money transcends all human barriers.

  4. Jams
    September 17, 2011 at 12:55 am

    Where are the rioters now? Oh wait, they dont respect “Oreos” lol

  5. Eamon
    September 22, 2011 at 9:19 pm

    @Jams You won’t see Al Sharpton or Jesse Jackson protesting this one LOL

    I don’t feel bad for UBS, or any Wall Street firm, for that matter. Next quarter their stock will be up, after beating “analyst estimates”, which are being conditioned now with this announcement.

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