Rogue trader says top bankers also lost fortunes on their way to stardom
Former Barclays boss Bob Diamond and JP Morgan's current chief executive, Jamie Dimon, apparently became star financiers in part because they both lost fortunes early in their careers.
That, at least, is the claim of "rogue trader" Kweku Adoboli, who's swapped his business suits for prison fatigues after turning in losses that might have made even those two executives, not known for being phased by high-risk finance, wince.
Adoboli lost £1.4bn of Swiss bank UBS's money, and was this week jailed for seven years after being found guilty of two counts of fraud.
However, in an e-mail exchange with Bloomberg News, Adoboli appeared to confirm Judge Brian Keith's assessment that he is "profoundly unselfconscious" of his failings.
Adoboli said in one message: "The more senior you are the easier it is to avoid getting slammed to the wall. Funny thing is though, losing money seems to make you better at making money. Perhaps that's why traders who lose money always get rehired, as long as they still have their risk appetite."
Critics say its just as likely they're let go with glowing references because their previous employers are reluctant to admit to their mistakes in hiring them. And there is no evidence that Mr Diamond or Mr Dimon actually lost large sums early in their careers.
Adoboli had argued it was unfair to prosecute him because others who had lost similarly large sums hadn't faced legal action outside court.
"To be fair these things happen all the time to varying scales," he wrote.
- 1 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 2 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 3 Chris Moyles reportedly set to make radio comeback with new breakfast show on XFM
- 4 The Greece debt crisis explained in less than 100 words
- 5 Cristiano Ronaldo storms out of interview after being asked about possible sale of Manchester United target Sergio Ramos
Hilary Swank: Million Dollar Baby star says she turns down roles to care for elderly father
Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
The Greece debt crisis explained in less than 100 words
Bastrop: The Texas town where many fear a large military training exercise will be used by President Obama to take their guns and impose martial law
Bakery sends 'horrific' version of Frozen-themed birthday cake to unsuspecting customer
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
iJobs Money & Business
£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...