Simon English: A roguish enjoyment as UBS case unfolds
Friday 02 November 2012
Outlook The plus side of Barclays' traders is this: they are an absolute hoot to read about.
One reason not to get too steamed up about the energy price-fixing stuff is that it's not yet clear whether actual consumers were affected.
In fact it was solely trader-on-trader violence. Banks beasting each other.
As such, we can probably just sit back and enjoy it.
The same sentiment can apply to the Kweku Adoboli rogue-trading scandal at UBS.
He somehow managed to lose $2bn (£1.2bn) and is on trial to discover whether this was solely his idea, or if his schemes were sanctioned by bosses.
In the course of his defence Mr Adoboli is producing tears at such a prolific rate one worries for his hydration levels.
Perhaps he's an unfortunate guy, left out of his depth and left to rot. Perhaps he's a rogue.
Whether he is innocent or not, no people other than him were disadvantaged by his trades, apart from his employer.
UBS lost big – but it may have deserved everything it got.
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